Menendez donor leveraged ‘Occupy’ movement to take aim at Bank of America

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By Charles C. Johnson
February 8, 2013



The wealthy Florida eye doctor linked with Sen. Bob Menendez through copious cash donations and a private jet launched an anti-capitalist “astroturf” campaign to leverage the Occupy Wall Street Movement against Bank of America.

Dr. Salomon Melgen’s organization, called Too Big To Care, was “inspired by the passion Occupy Wall Street Movement,” according to an October 2011 press release and “designed to provide a platform for the stories of 99%ers to be told and their voices heard.”

The organization’s sparsely used Facebook account registered “likes” for occupy encampments in 40 different cities. But with few followers and friends on Twitter and Facebook, the Too Big To Care platform doesn’t appear to have gained momentum other than a few social media mentions from Occupy Miami.

But a grassroots effort may have been less important to Melgen than pressuring his allies on the Senate Banking Committee for new regulations. His friend and political beneficiary Sen. Menendez has sat on the banking committee since he joined the Senate in 2005.

Melgen has called himself a “victim” of Wall Street “greed.” In 2005 he sued Banc of America Securities, then an investment subsidiary of Bank of America, after he lost $15 million in what he claimed was securities fraud. He alleged that his entire investment was transferred into the account of a failed trader in order to help him cover a margin call.

Melgen sued the investment bank for the return of his funds, pursuing the case all the way to the Eleventh Circuit Court of Appeals, which decided against him. The case was ultimately remanded to a lower court where it languishes today, more than seven years later.

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Jet-setting millionaire Menendez donor leveraged 'Occupy' movement to take aim at Bank of America | The Daily Caller

 

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“When you want to flee a scandal, head to Kabul.”

Ethics woes trail Sen. Menendez to Afghanistan
2/19/13 - A fact-finding trip to Afghanistan and Pakistan is causing new headaches for Sen. Robert Menendez (D-N.J.).

Under investigation for alleged ethics lapses, Menendez traveled to Afghanistan and Pakistan over the weekend for his first foreign trip since taking over as chairman of the Senate Foreign Relations Committee following John Kerry's confirmation as secretary of State. The trip brought renewed unwelcome attention to his troubles at home after the official website of Afghan President Hamid Karzai on Tuesday published photos that purport to show Menendez and Karzai discussing the “fight against corruption.” "President Karzai said that Afghanistan needs earnest and sincere cooperation of the international community, particularly of the United States in its fight against corruption,” the web site says. “The President called awarding of contracts to relatives and affiliates of Afghan senior officials, a major source of corruption, underscoring that the United States should avoid it.”

Conservative media immediately pounced.

“NO JOKE: Menendez Meets with Karzai About Corruption,” titled Fox News.

“Menendez Meets with Karzai to Talk ... Corruption,” wrote Breitbart.com.

The Washington Post's associate editor, Rajiv Chandrasekaran, also got in on the act. “Sen. Menendez meeting with Karzai to talk about corruption,” he tweeted. “When you want to flee a scandal, head to Kabul.”

The FBI is investigating allegations that Menendez traded favors for campaign contributions from a Florida doctor and solicited underage Dominican prostitutes. As for Karzai, U.S. officials have long accused him of turning a blind eye to massive corruption in his country. Menendez says the charges are false and that they would not detract him from his work as chairman, which includes oversight of the drawdown of U.S. forces in Afghanistan. Menendez's office had no comment regarding the attacks.

Read more: Ethics woes trail senator to Afghanistan - The Hill's Global Affairs