Word: rothstein
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...could bring down Florida politicians as well as investors - because Rothstein funneled millions of his allegedly ill-gotten dollars to pols and parties, especially the state's GOP, often in ways that may have violated campaign-finance laws. (Prosecutors allege, for example, that he laundered political contributions through large bonuses that he paid to members of his law firm, which has since collapsed.) Florida political analyst Sean Foreman of Barry University in Miami doesn't think the scandal will cause much fallout for those, like Crist, who have returned the money in a timely fashion. (Since Rothstein's indictment last...
...Scott Rothstein is your typical South Florida wannabe. Obnoxiously flamboyant by most accounts, the Bronx-born Fort Lauderdale attorney had to have the flashiest Rolexes (so he bought a local boutique watch shop), the most houses (luxury mansions and condos from Manhattan to Morocco), the hottest cars (Rolls-Royce, Lamborghini) and the coolest yacht (an 87-footer). He had to leave the heftiest tips, usually at the upscale restaurants he co-owned, and schmooze the most powerful politicians - like Florida Governor Charlie Crist, for whom Rothstein bought a $52,000 cake, as a contribution to the state's Republican Party...
Problem is, a lawyer earning less than $200,000 a year can't afford all that unless he's, say, running a billion-dollar Ponzi scheme. And that's exactly the crime that Rothstein, 47, has told a judge he'll plead guilty to later this month. Federal prosecutors have charged Rothstein with swindling investors out of $1.2 billion over the past decade, a scam in which he got them to plow money into lucrative, securitized lawsuit settlements that usually turned out to be nonexistent. The alleged crime wasn't as massive as New York City financier Bernard Madoff...
...Charles Zelden, a history professor at Nova Southeastern University in Fort Lauderdale and an expert on judicial politics in Florida, says Rothstein could still "create a real mess" in the state's public arena. He doubts that Rothstein - who could be facing life in prison on the charges of fraud, racketeering and money laundering leveled against him - would plead guilty if he hadn't struck a beneficial deal with the feds. They in turn almost certainly expect Rothstein "to name names," says Zelden, not only of those who might have aided the Ponzi scheme, "but of politicians who may have...
...starting salaries in the public and private sectors has increasingly drawn college graduates to choose the latter. Many of these students have amassed large amounts of debt during their education and are forced into higher-paying jobs in order to pay off their loans. Indeed, Princeton economists Jesse M. Rothstein ’95 and Cecilia E. Rouse ’86 have found evidence that even at elite universities like Harvard high debt causes students to both avoid public interest jobs and change their academic decisions. While it would be unwise for schools to explicitly push students into certain...