Reuters
Hassan Nemazee climbs in limo
A fund-raiser for Barack Obama,Hillary Clinton and other Democrats who was charged last month with defrauding Citigroup Inc (C.N) is being sued by HSBC (HSBA.L) for deceiving it into lending him $100 million.
The lawsuit filed in New York State Supreme Court in early September accused private equity firm head Hassan Nemazee,59,of engaging in an elaborate scheme to make HSBC Bank USA believe that its loan was secured by collateral in the form of U.S. Treasury Notes when it was not.
Nemazee,who sits on the board of the Iranian American Political Action Committee,typically donates more than $100,000 annually to Democratic political candidates.
He is listed as one of the top "bundlers"of contributions to Obama’s 2008 presidential campaign,according to OpenSecrets,org,a website run by the Center for Responsive Politics research group.
Nemazee was charged on Aug. 25 of one count of bank fraud for seeking a $74 million loan from Citigroup’s banking unit under false pretenses.
If I am ignorant of bank loan details that are not fair to me,that is my problem. So I think it should also apply to HSBC. They even have lawyers,which I do not when dealing with them. So HSBC,just like the rest of us,dealing with banks,Suck It Up.