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Jun 12, 2012 3:54 PMPublication: The East Hampton Press

Altschuler Secures Fishing Endorsements

Jun 12, 2012 4:33 PM

Randy Altschuler, a Republican from St. James, touted three endorsements from the fishing and boating industry this week in his campaign to unseat Democratic U.S. Representative Tim Bishop.

Mr. Altschuler held a press conference in Montauk to celebrate securing endorsements from the Recreational Fishing Alliance, the Montauk Boatman & Captain’s Association and the New York Fishing Tackle Trades Association. Leaders from all three groups attended the event, according to a press release issued by Mr. Altschuler’s campaign.

“I could not be more proud to stand here and accept these endorsements today and cannot overstate how important this is to my campaign,” Mr. Altschuler said in the statement. “Fishermen, boatmen, marina owners, and bait and tackle shop owners are integral to our local economy.”

Captain Rick Etzel, the president of the MBCA, said he feels Mr. Altschuler would be a strong voice for the East End in Washington.

“As President of the MBCA, I know that my members feel that the East End does not currently have someone in Washington who is truly willing to fight for us during a very critical time for our industry,” said Captain Etzel in the statement. “We have an opportunity to change that by sending Randy to Congress and I, for one, will work hard to see that it happens.”

It was the second press conference held in recent weeks in Montauk in the race for the 1st Congressional District seat. Mr. Bishop visited the hamlet earlier this month to announce that former East Hampton Town Republican Committee chairman John Behan was endorsing him in the race.

Robert Pierce, the communication director for Mr. Bishop’s campaign, criticized the endorsements this week, claiming the congressman has “repeatedly delivered for the fishing community ” through securing funding to dredge Lake Montauk and Shinnecock Inlet and other initiatives.

“Randy Altschuler went to a yacht club to receive an endorsement engineered by Republicans,” Mr. Pierce said in an email statement. “... It is unfortunate that party loyalty is clouding all of the hard and effective work Congressman Bishop has done for this industry.”

This is Mr. Altschuler’s second stab at the seat after he narrowly lost the election to Mr. Bishop in 2010 by about 600 votes.

This year, Mr. Altschuler has made a point of creating a stronger presence on the East End after Mr. Bishop, a Southampton native, beat him here two years ago. He hired Wainscott resident Diana Weir as his campaign manager and held a meet and greet in Hampton Bays earlier this month.

Obama Party

Former Southampton Town Democratic Committee chairman Mike Anthony is hosting a party for President Barack Obama supporters at his Westhampton home this Saturday.

Mr. Anthony, the co-team leader for the Obama campaign in Southampton Town, said the purpose of the event is to organize the local Obama reelection team, discuss campaign goals and coordinate with Charles Khan, the Long Island director for Obama for America.

“I hope the guests will provide interesting feedback and that some will join the effort,” Mr. Anthony said in an email. “Last Saturday OFA Long Island held a ‘Camp Obama’ for current volunteers. Seventy people attended.”

Mr. Anthony also plans to talk about how to effectively raise money in light of the Supreme Court Citizens United case, which “opened the floodgates for hidden monies” to pour into campaign coffers, he said.

The event will take place between 5 and 7 p.m. at his home on Buttercup Lane.

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...large crowds assemble wherever he goes.
By William Rodney (561), southampton on Jun 13, 12 6:30 AM
It did not look like a large crowd....
By SHNative (554), Southampton on Jun 14, 12 8:49 AM
It's funny that job shipping Randy, the Koch brother oil and gas puppet, would receive the endorsement of boaters and fisherman who in their shortsightedness don't realize that Randy's desire to drill off the coast of Eastern Long Island will eventually ruin their livlyhoods.
By Steven (113), Westhampton on Jun 13, 12 8:19 PM
1 member liked this comment
So very true!!! Randy could care less about fishing and the eastern end of LI. Nothing like handing your lively hood over to be destroyed!! Wake up guys!!!!!!!!!
By sandydog21 (195), Southampton on Jun 15, 12 7:52 AM
Unless you are in the industry you have no place to judge them as short sighted. Your Koch brother obsession is out of place in this discussion.
By jams (129), hampton bays on Jun 19, 12 9:10 AM
How's that fake front for CloudBlue in Port Jeff these days?

Nice sign...
Jun 14, 12 8:24 PM appended by Mr. Z
I'm pretty good when it comes to hardware. You can find me volunteering at Major Geeks...
By Mr. Z (11847), North Sea on Jun 13, 12 8:24 PM
I have been seeing the tea Party flags flying at some of the boat yards in Montauk for a couple of years now....
Maybe Altschuler can make a couple of million by outscoursing fishing jobs to Asia....wake up guys.
By SHNative (554), Southampton on Jun 14, 12 8:53 AM
Bishop has done absolutely "zero" --- as in "nothing" for fishermen. Time boot him out for good this time.
By Dayo (33), Sag Harbor on Jun 14, 12 9:43 AM
1 member liked this comment
Tim Bishop got The Shinnecock inlet and the mouth of Montauk Harbor dredged....
Both save lives and are economic engines of the fishing industry.
Let's send "outscoursing Alschuler" back to New Jersey where he came from....for good!!
By SHNative (554), Southampton on Jun 14, 12 9:49 AM
1 member liked this comment
Do you think it's easy trying to squeeze money, and projects out of the Army Corps of Engineers?

No matter what Mr. Bishop proposes, the Corps has to agree the project is required. Why do people in this country persist in shooting the messenger?

By Mr. Z (11847), North Sea on Jun 14, 12 4:52 PM
Well, the Fed just ain't printing money like they used to...
By Mr. Z (11847), North Sea on Jun 18, 12 8:57 PM
Hey aren’t you the same idiot who wanted to get rid of ear marks? Now that they are gone, the army corps of engineers has total control of the money and the projects. For that you are now blaming the guy (Bishop) who was saying that we need earmarks to get things don…. like dredging the Mattituck Inlet. Why were you not concerned about boats running aground when you were railing about earmarks?
Capt. Crunch....you and you Tea Baggers are bringing this country down!
By SHNative (554), Southampton on Jun 14, 12 9:26 PM
You don't get it.....Ending earmarks did not save any money. Federal monies are still allocated for projects. the difference is is that now the local representatives have almost no way of bringing that needed money to their districts.Because the Army Corps now gets to determine where that money is spent.
Congressman Bishop did an awesome job even getting the Shinnecock Inlet and the Montauk Inlet dredged.
By SHNative (554), Southampton on Jun 14, 12 11:42 PM
You don't get it.....Ending earmarks did not save any money. Federal monies are still allocated for projects. the difference is is that now the local representatives have almost no way of bringing that needed money to their districts.Because the Army Corps now gets to determine where that money is spent.
Congressman Bishop did an awesome job even getting the Shinnecock Inlet and the Montauk Inlet dredged.
By SHNative (554), Southampton on Jun 14, 12 11:43 PM
Earmarks represent what wrong with Washington but in reality account for very little of overall spending. Bishops selling out on obamacare is a far bigger issue. With Medicare and social security essentially paid for with monopoly money the last thing we need is another massive spendng program. Fix what's broken before spending more.
By razza5350 (1911), East Hampton on Jun 16, 12 9:42 AM
1 member liked this comment
Hey hey hey....Ship of Fools
By sandydog21 (195), Southampton on Jun 15, 12 7:55 AM
1 member liked this comment
Bill Wilkinson made the Dredging of Montauk inlet happen.
Why does Bishop keep claiming that?
He does nothing for the East End - except get a free meal at a
former councilpersons new restaurant.
By Old School Montaukette (10), Montauk on Jun 15, 12 11:54 AM
Has Mr. Altschuler learned what the Hyde Amendment is yet?
Jun 15, 12 1:03 PM appended by Mr. Z
It's kind of funny how he made no bones about Republican dual home owners voting in Suffolk County, but It wasn't okay for Democrats to do it in the last election...
By Mr. Z (11847), North Sea on Jun 15, 12 1:03 PM
What exactly are you saying on both issues? Were there any known instances of Republicans voting in two locations?
By Mr. Snerdley (397), Southampton on Jun 15, 12 2:04 PM
Not that I'm aware of.

That wasn't what the post was about. He complained of Democrats voting with their dual addresses, but had no problem with a Republican like Cox voting in Westhampton. You may want to consider your allegiance to a former Blackstone Group employee, who also spent time at DeutscheBank. If you want to know what I mean, you should see the Jamie Dimon Banking Committe hearing. Nothing like your elected leaders groveling to a man who controls millions in campaign contributions. ...more
By Mr. Z (11847), North Sea on Jun 15, 12 2:59 PM
From the East Hampton Independent Debate, Oct. 27, 2010:

"
Bishop pointed out the Hyde Amendment of 1976 is the existing model for abortion law, and it includes Medicaid abortion funding only in cases of rape or incest, as well as when a pregnant woman's life is endangered by a physical disorder, illness, or injury. Altschuler was unaware of the amendment. He supports making abortion a crime, but said, "I don't think this is an issue people care about in this country."
By Mr. Z (11847), North Sea on Jun 15, 12 3:21 PM
Fair enough. Has Mr. Bishop learned about economics yet?
Jun 16, 12 9:29 AM appended by Mr. Snerdley
It's kind of funny how he makes no bones criticizing outsourcing, but conveniently doesn't quite understand the concept of "Made in America."
By Mr. Snerdley (397), Southampton on Jun 16, 12 9:29 AM
Well, Mr.Alschuler did create approximately 10,000 jobs.

Almost 800 are held by Americans.

"Made in America", eh?
By Mr. Z (11847), North Sea on Jun 16, 12 9:36 AM
That's GM's decision regarding their whining about tax policies here in the States. Well, it's more like feigning. They use the base rate as an excuse, but conveniently leave out their creative accounting and IRS tax loopholes that make their final rate a pittance.

It's all in what people perceive, by how many times a message can be repeated to be believed.
By Mr. Z (11847), North Sea on Jun 16, 12 2:52 PM
With the way Republicans have been treating women in this Country I just can't see a woman or a man who loves women voting Republican.
By TianaBob (256), S.Jamesport on Jun 16, 12 10:18 AM
1 member liked this comment
how about the war on the unborn innocent through legalized murder
By razza5350 (1911), East Hampton on Jun 17, 12 8:55 AM
murder is murder even if its legal.
By jams (129), hampton bays on Jun 19, 12 9:15 AM
Randy don't Jersey the east end!
By ICE (1214), Southampton on Jun 16, 12 11:58 PM
How many girl babies have been killed in the name of the Demokratz" "woman's right to choose"?! That's a real war on women.
By bigfresh (4666), north sea on Jun 17, 12 8:13 AM
1 member liked this comment
This is no longer the Biblical days of old. We have "Plan B", and a blastocele is not a sentient human being.

Even with contraception, sometimes pregnancy does happen. Do you think it's wise to force a woman to have a child when she A.) has no desire for one B.)cannot provide for it, or C.) it would threaten her own life?

Please exit the Stone Age...
By Mr. Z (11847), North Sea on Jun 17, 12 11:51 AM
Who are you or the mother to determine who should live or be murdered. The Stone ages is where YOU are living.
By razza5350 (1911), East Hampton on Jun 17, 12 7:09 PM
razza, the Stone Age is when women did not have a choice. They could be raped at will by men in an uncivilized society. Ducks still rape hens at will. Penguins consort in the most perverted of sex acts.

There are TOO MANY people on this planet as it is, and we don't need more we can't provide for. Murder is the crime of taking the life of a sentient being. END OF LINE>
By Mr. Z (11847), North Sea on Jun 17, 12 8:55 PM
Phil, though I appreciate your passion, sometimes being terse is a more prudent course.

By Mr. Z (11847), North Sea on Jun 17, 12 9:31 PM
Morality doesn't change, murder is murder.
By bigfresh (4666), north sea on Jun 17, 12 5:22 PM
Murder is the crime of taking the life of a sentient being. END OF LINE>
By Mr. Z (11847), North Sea on Jun 17, 12 8:56 PM
NO
Jun 19, 12 8:18 PM appended by joe hampton
That Answer was for Phil
By joe hampton (3461), south hampton on Jun 19, 12 8:18 PM
Nooo , Joe is always on the record for supporting the rights of the Innocent unborn defenseless child not to be clinically executed for convenience. As for the rapist... he should be locked up and never see daylight again.
By joe hampton (3461), south hampton on Jun 20, 12 12:57 AM
No , like I said...Foremost, I want to protect the Innocent child. Why is that so hard for you to comprehend? and yes I do have daughters.
By joe hampton (3461), south hampton on Jun 21, 12 1:19 AM
Were my livelihood dependent on recreational fishing, I know that "I" would vote for Randy. I would be confident that Randy would do the right thing when my interests conflicted with those of the commercial fishing industry. Randy doesn't care about money, he's just interested in making sure that the wellbeing of American workers (or fishermen) is secure.
By highhatsize (4217), East Quogue on Jun 17, 12 7:26 PM
"Randy doesn't care about money, he's just interested in making sure that the wellbeing of American workers (or fishermen) is secure. "

I want proof, and an UNBREAKABLE social contract.
Jun 17, 12 9:07 PM appended by Mr. Z
;-)
By Mr. Z (11847), North Sea on Jun 17, 12 9:07 PM
Well you already have proof that Bishop doesnt care about money (or have no concept of it). Look at his record
By razza5350 (1911), East Hampton on Jun 18, 12 8:34 AM
Perfect, past perfect, whatever, right?

This coming from a man who we have proof cares not for grammar...
By Mr. Z (11847), North Sea on Jun 18, 12 8:12 PM
1. You claim to be an "independent" yet you havent voted for a republican since the eisenhower administration
2. You claim to know everything about monetery policy yet you dont have two nickels to rub together
3. You claim to be so smart yet you didnt have enough common sense or personnal responsibilty to purchase an individual disability policy.

Proof that you are a blowhard who doesnt have a clue
By razza5350 (1911), East Hampton on Jun 19, 12 6:57 AM
I've held combined life since 2002. I've also had AFLAC for over a year now. When I was out for over four months, state money and policy money didn't add up to close my normal weekly paycheck with OT.

Health insurance premiums to keep current while out of work, doctor copays, physical therapy copays, fuel to and from the appointments for PT, doc, and at the Stony Brook sleep center, car payment, loan payment, electric bill, cable bill, water bill, and to top it all off, I had to replace ...more
Jun 19, 12 7:37 PM appended by Mr. Z
And, I voted for Pataki.
By Mr. Z (11847), North Sea on Jun 19, 12 7:37 PM
"...large crowds assemble ..." Right! I'm guessing the 3 guys standing behind Randy (I don't count Wilkinson, who's another pol) are the only fishermen, indeed the only people, at the "press conference." Am I forgetting the photographer? No, probably someone on Randy's payroll.

From last paragraph of above piece: "This year, Mr. Altschuler has made a point of creating a stronger presence on the East End . . . He hired Wainscott resident Diana Weir as his campaign manager and held a ...more
By Turkey Bridge (1979), Quiogue on Jun 17, 12 9:31 PM
Go Boo!

Thank you for your contribution to the Fiddle Section.
By Nero (301), Sag Harbor on Jun 18, 12 2:19 PM
You couldn't see the crowd in attendance because the photographer positioned himself too far forward. There was a large group right behind him that stood in rapt attention. (On the other hand, they MIGHT have been hoping for treats, being seagulls.)
By highhatsize (4217), East Quogue on Jun 17, 12 10:43 PM
I agree the crowd looks sparse. However this was true with Bishop several times as well. These guys are out pounding the pavement trying to drum up press. Its all part of the game. What would you have these guys do. Sit at home at wait for the press to come to them
By razza5350 (1911), East Hampton on Jun 18, 12 8:37 AM
Let's send Randy outsourcer back to New Jersey where he came from.
Go Bishop!
By SHNative (554), Southampton on Jun 18, 12 8:39 AM
I hope his wife doesn't have to close down the pediatrics practice in Smithtown. That would be ashame.
By Mr. Snerdley (397), Southampton on Jun 18, 12 2:10 PM
I'm for Tim he represents the district very well. Randy ,being from Jersey, doesn't know this area at all. He just wants to get in and do as he's told by the Koch brothers. Our Country is in too much trouble to allow that
By TianaBob (256), S.Jamesport on Jun 18, 12 8:50 PM
''he represents the district very well''. Do you have any specific examples of that? And you do realize that if you re-hire Tim Bishop, you are rehiring the same guy who has been in Congress (which checks and balances the president) during the time that it has gotten significantly worse. Ever watch the polar bears in central park? Nothing ever changes for them either.
By Sam Welch (4), Southampton on Jun 18, 12 8:58 PM
When the power of love overcomes the love of power, the world will know peace.

- Sir Chinmoy Ghose
By Mr. Z (11847), North Sea on Jun 18, 12 9:19 PM
How many kids got fat off of his lunch money?
By lucky and aware (44), Speonk on Jun 19, 12 1:14 AM
He don't know me very well, do he?

Jun 19, 12 7:22 PM appended by Mr. Z
P.S. To whom are you referring?
By Mr. Z (11847), North Sea on Jun 19, 12 7:22 PM
You people are akin to arguing with the ref after the game is over and the crowds have gone home. He got the endorsement and in Montauk, this draws attention. Congrats Randy, your new Representative from NY-1. He is going to be great and it will be very interesting to see what sort of change can come to this area once we change clothes.
By Sam Welch (4), Southampton on Jun 19, 12 6:21 AM
President Bush started an illegal and immoral war in Iraq. Isn't each and every GI killed murder? He's charged along with Cheney as a war criminal. Google Bush crime family to see some of the other crimes this family has committed. Including being the first ones to finance Hitler. There might have never been a Hitler if Bush hadn't backed him.The German people at that time didn't like him at all.
By TianaBob (256), S.Jamesport on Jun 19, 12 10:39 AM
Captn I really feel sorry for you and your whole family.I hope you don't have children so you can try and poison their minds.Your mind is less than mediocre.I'm sure that you didn't even Google Bush crime family. There is a page of information.Including Neil Bush who headed up Silverado during the Savings and Loan crisis. He pocketed at least 2 million.Add George and his father and you've got 3 Bush multimillionaire criminals walking around free. Need more information on Bush? Google Tarpley for ...more
By TianaBob (256), S.Jamesport on Jun 19, 12 12:41 PM
This comment has been removed because it is a duplicate, off-topic or contains inappropriate content.
By Samuel Walsh (17), Southampton on Jun 19, 12 1:20 PM
1. Saving the auto industry-The CEO of GM recently announced that filing for Chapter 11 is an option
2. Stimulus-The current unemployment rate is 8.2% higher than when bush left office
3. Healthcare bill- an economic train wreck waiting to happen
The list goes on.
Thats why hes unpopular NOT the color of his skin phyliss
By razza5350 (1911), East Hampton on Jun 19, 12 5:06 PM
"We know why you don't like Obama." Really?

What do all have in common? Tim Bishop, Barack Obama, Al Sharpton, George Soros, Nancy Pelosi, Harry Reid, Debbie Blabbermouth Schulz, Chris Mathews, Phil at Home, Bill Maher, Progress Now, Rachel Maddow, Alec Baldwin, Sarah Jessica Parker, Andrea Mitchell, Ed Schulz, Howard Dean, Jessy Jackson, People First, Randy Rhodes, Sean Penn, Michael Moore, John Edwards, Al Gore, Keith Oberman, and last but certainly not least, George Clooney
By Mr. Snerdley (397), Southampton on Jun 19, 12 7:27 PM
If not for the stimulus, we probably would have peaked at 15% unemployment. If not for TARP, it could have been "Crash of '29" all over again.

In an election, your are faced with two bowls of ****. The only difference is the smell. ~Lewis Black

You are faced with pretty basic options: Put millionaires with questionable motives in office, with their connections to their criminal friends on Wall St.
OR
Vote for someone who might actually care about the welfare of ALL ...more
By Mr. Z (11847), North Sea on Jun 19, 12 8:02 PM
I think you missed it.

At this point, it's trying to vote for the least corrupt. If you think Altschuier and Romney will do a better job then step up an force them to promise it. Make him sign a social contract that says he will fight for a recall law in New York State with his Federal influence, affordable medical care instead of Big Pharma handouts, a proper untouchable TRUST for Social Security, banking reform, a revamp the of Federal Reserve Act, and stabilization of the fiat currency ...more
Jun 19, 12 8:56 PM appended by Mr. Z
Crap, I forgot. We don't have the second option.
By Mr. Z (11847), North Sea on Jun 19, 12 8:56 PM
You and your designer "Happy Face"...sounds like the brown shirts are on the march. Your a coward.........
By Truth Warrior (11), Southampton on Jun 19, 12 9:33 PM
Say it to my face, next time you see me in the street.

I'd prefer it to your cowardly shot at my "Happy Face" from behind your keyboard. And, I've read your posts. Intellectual scorchers...
Jun 20, 12 12:56 AM appended by Mr. Z
Oh, and for reference if I am anything, it would be disgusted with this country and those who purport to "lead" it. In fact, all I do is speak my mind despite the fact that I really think we are CTD. At least when it hits the fan, silence was not consent in my regard. Qui tacet consentire...
By Mr. Z (11847), North Sea on Jun 20, 12 12:56 AM
HMMMM a successful businessman who has created jobs both at home and abroad.
A career politician who has never held a job in the private sector with no "real world" experience.
Unless one is on the dole, there's only one logical choice to represent the folks from the 1st Congressional District who actually work for a living.
Randy!
By bigfresh (4666), north sea on Jun 20, 12 6:44 AM
Obama's self appointed CEO of GM Akerson stated recently that he hasnt ruled out filing for chapter 11. He points to problems in europe, bloated management, 25 billion in under funded pension obligations and 6.8 billion in other post retirement liabilities.
The Obama administration which orchestrated the GM bankruptcy process relied on banruptcy experts instead of auto industry experts. Labor costs and pension liabilities were overlooked as the politically powerful UAW had its interests to ...more
By razza5350 (1911), East Hampton on Jun 20, 12 6:56 AM
Well, the Fed don't print zero interest money like it used to...
By Mr. Z (11847), North Sea on Jun 21, 12 1:28 AM
Bye Bye, Holder
By joe hampton (3461), south hampton on Jun 20, 12 9:05 AM
Darrel Issa is about as straight an arrow as, well, a member of the "Village People".

Keep electing criminals...
By Mr. Z (11847), North Sea on Jun 21, 12 1:30 AM
I am quite certain it was not a N.Y. Slimes poll since that paper as decided to completely pretend this scandal is not happening. nice MSM in the bag for the 1 term petulant,cocky,arrogant, socialist, narcissist from an origin unknown
By joe hampton (3461), south hampton on Jun 25, 12 8:18 AM
Still spewing the B B BUT BUSH line Phyl. Didn't the Huffington Post send out the talking points for today?! Your boy Barry Sotoero is in this up to his eyeballs along with the racist Holder. F and F was a scam to increase gun violence in order to enact more stringent gun control laws, unfortunately it caused the deaths of 2 Americans and scores of Mexican nationals. This will be the end of the Demokratz this November. Via con Dios.
By bigfresh (4666), north sea on Jun 21, 12 6:20 AM
1 member liked this comment
Bush hasn't been in office in four years when does Obama take responsibility for anything? The economy is heading back to a recession and he has spent trillions and not created a single job. Time for a change not this snake oil salesman
By chief1 (2800), southampton on Jun 21, 12 6:36 PM
When all those stones and snowballs sent rolling downhill get stopped or hit bottom the ones responsible get off the hook.
By VOS (1241), WHB on Jun 21, 12 7:06 PM
Yep, let's give the money to the people at the bottom. The high school dropout. The welfare queen. The ex-con. The insane. The poor money managers. The lazy. The stoner.
What could go wrong with giving free money to the losers?
No matter how you feel about the rich. The success rate with them will be far higher than giving it to the dumb and poor.
No poor person has ever hired anyone.
Hate away Ya'll
By They call me (2826), southampton on Jun 22, 12 10:02 PM
There's no need to attack Barry Soetoro's administration, they're doing a fine job of fouling up this great nation without any help! Obama kool-aid anyone?
By bigfresh (4666), north sea on Jun 21, 12 5:04 PM
Hey bf, whose screwing this country?

Look down...
By Mr. Z (11847), North Sea on Jun 22, 12 12:34 AM
In the end, though, the conviction of a few bit players seems like far too puny a punishment, given that the bid rigging exposed in Carollo involved an entrenched system that affected major bond issues in every state in the nation. You find yourself thinking, America's biggest banks ripped off the entire country, virtually every day, for more than a decade! A truly commensurate penalty would be something like televised stonings of the top 10 executives of every guilty bank, or maybe the forcible ...more
Jun 22, 12 12:49 AM appended by Mr. Z
I guess I should rephrase that grammatically. Who is screwing the ENTIRE WORLD for their own benefit?
By Mr. Z (11847), North Sea on Jun 22, 12 12:49 AM
I wonder if these are some of Randy's friends and connections:

The Scam Wall Street Learned From the Mafia:
How America's biggest banks took part in a nationwide bid-rigging conspiracy - until they were caught on tape


Jun 21, 12 5:53 PM appended by Mr. Z
How did they rig the auctions? Simple: By bribing the auctioneers, those middlemen brokers hired to ensure the town got the best possible interest rate the market could offer. Instead of holding honest auctions in which none of the parties knew the size of one another's bids, the broker would tell the pre­arranged "winner" what the other two bids were, allowing the bank to lower its offer and come in with an interest rate just high enough to "beat" its supposed competitors. This simple but effective cheat – telling the winner what its rivals had bid – was called giving them a "last look." The winning bank would then reward the broker by providing it with kickbacks disguised as "fees" for swap deals that the brokers weren't even involved in. The end result of this (at least) decade-long conspiracy was that towns and cities systematically lost, while banks and brokers won big. By shaving tiny fractions of a percent off their winning bids, the banks pocketed fantastic sums over the life of these multimillion-dollar bond deals. Lowering a bid by just one-100th of a percent, called a basis point, could cheat a town out of tens of thousands of dollars it would otherwise have earned on its bond deposits. That doesn't sound like much. But when added to the other fractions of a percent stolen from basically every other town in America on every other bond issued by Wall Street in the past 10 to 15 years, it starts to turn into an enormous sum of money. In short, this was like the scam in Office Space, multiplied by a factor of about 10 gazillion: Banks stole pennies at a time from towns all over America, only they did it a few hundred bazillion times.
By Mr. Z (11847), North Sea on Jun 21, 12 5:53 PM
What?

No retort?

...
Jun 22, 12 10:18 PM appended by Mr. Z
C'mon BF, show us that inner, well informed intelluctual inside of you . Oh, I forgot, just like "The Zombies", it's not there. "May the rich get richer!" FOOL.
By Mr. Z (11847), North Sea on Jun 22, 12 10:18 PM
Sometimes no response is a great response too. Worked on you.
By Samuel Walsh (17), Southampton on Jun 25, 12 8:51 AM