Mitt Romney Slapped With Racketeering Lawsuit

Mitt Romney Slapped With Racketeering Lawsuit

Author: Nathaniel Downes
January 2, 2014 6:24 pm

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Mitt Romney was named in a $100 million lawsuit over price-fixing in a 2001 bankruptcy case – along with the US attorney who should have investigated him.

The Racketeer Influenced and Corrupt Organizations Act (RICO) closed a loophole which enabled crime bosses to get away with murder by merely ordering, or even suggesting, for crimes to happen. Despite the difficulty in proving a RICO case, those who engage in such acts continue to blame the law for their own criminal actions. RICO has been used to ensure convictions against tobacco giants and Mafia bosses. It is not an easy conviction, requiring an awful lot of paperwork, warrants, informants, etc. As discussed on Law and the Multiverse, a lighthearted look into the legalities of comic book characters, the difficulty in ensuring a RICO conviction is incredibly hard in the real world.

eToys Liquidation Or Con Game? One Man’s Fight To Make Sure Mitt Romney Pays For His Crime.

Stephen “Laser” Haas operates Collateral Logistics Inc. (CLI) a company which was appointed to oversee the liquidation of assets in the bankruptcy of eToys in 2001. He has now filed suit against Mitt Romney along with his company Bain Capital, Goldman Sachs, and several other firms, over actions taken in the eToys bankruptcy which manipulated the sale price, costing the companies shareholders millions. A US Judge confirmed the details of the case back in 2005, but under the Bush administration enforcement of these laws was lackluster at best.

Bain Capital has already found itself in hot water over similar price-fixing scandals, but this case comes with paperwork implicating the one time GOP presidential nominee of price manipulation.

According to the affidavit by Mr. Haas, his firm found many accounting irregularities which he reported to US Attorney Colm F. Connolly. However, instead of acting, the issues were ignored. It turned out that Mr. Connolly failed to recuse himself from the case despite his ties to Morris, Nichols, Arsht & Tunnell (MNAT), a law firm which Mr. Haas alleges has ties to Mr. Romney. Of course Mr. Romney already tried to claim that he had retroactively retired from Bain Capital. The failure of Mr. Connolly to enforce the RICO statute has landed him a spot on the lawsuit, right next to Mr. Romney.

Covert Price Fixing Hurts Us All.

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