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Norman Hsu: How a Business Flop Became Political Force
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hillarynews
Joined: 24 Jan 2007
Posts: 2255
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 Posted: Tue Nov 13, 2007 2:00 am Post subject: Norman Hsu: How a Business Flop Became Political Force |
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 Norman Hsu: How a Business Flop Became Political Force
By the time Norman Hsu flew to Beverly Hills in early September and checked into the Raffles L'Ermitage hotel, the life of the top Democratic donor and self-professed clothing magnate was coming unraveled.
Category: Top Story
By the time Norman Hsu flew to Beverly Hills in early September and checked into the Raffles L'Ermitage hotel, the life of the top Democratic donor and self-professed clothing magnate was coming unraveled.Mr. Hsu, a slight, 56-year-old immigrant from Hong Kong, was under investigation for campaign-finance violations. An old grand-theft charge had come back to haunt him. Sen. Hillary Rodham Clinton and other politicians had begun returning his donations. He was so distraught that he sent off suicide notes before leaving his Manhattan home for California.Still, he appeared unruffled when he settled into the hotel's café to comfort a nervous investor, Martin Waters. Mr. Hsu was dressed in jeans, Prada shoes, a black T-shirt and a baseball cap. "Don't believe what you are reading," Mr. Hsu said, according to Mr. Waters, who owns a small clothing company and was owed more than $20 million for deals he and his friends made with Mr. Hsu."Plenty of people are still supporting me," Mr. Hsu assured him, mentioning Pennsylvania's governor, who initially stood by him when news of his troubles broke. "Your loans are secure."Mr. Hsu also met with other investors that day, but his effort to salvage his reputation went nowhere. Within weeks, federal prosecutors in Manhattan had charged him with fraud and election-law violations, accusing him of running a "massive" Ponzi scheme that cost investors more than $60 million.Mr. Hsu's story has received considerable public scrutiny over the past few months, but one question still looms large: How did his classic immigrant pursuit of the American Dream become so twisted?
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Source: The Hillary Project
Description: reporting the news about Hillary that the media refuses to |
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