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Former NATO Commander, Presidential Candidate Makes Millions Pushing Penny Stocks
Plato-quoting, West Point valedictorian, Rhodes scholar, former NATO Supreme allied commander, and one-time Presidential hopeful Gen. Wesley Clark had a carefully laid, three-point plan for life after public service. Here’s how The NY Times described it over a decade ago:
In searching for an aperture into civilian life, he sketched out three fresh careers. First he would enter business and amass $40 million (a figure he plucked out of the air to have a goal) and metamorphose into a modest version of George Soros, the billionaire philanthropist. That done, he would recede into a university and teach leadership. He would also work at compressing his golf handicap (last seen stuck at 18) in preparation for Career No. 3: a teaching golf professional.
As it turns out, the part of that plan that would be most difficult for the average person (making $40 million) is much easier when your political and military career affords you lucrative business opportunities — like becoming the chairman of a notorious penny-stock-pushing, Chinese-fraud-promoting investment bank.
Via ABC (from 2013):
The SEC has brought more than 40 civil cases against Chinese firms, and the former head of the financial watchdog agency told ABC News that investigators were also looking into the conduct of key players in the U.S. who promoted the Chinese firms to potential investors.
One of the firms that pushed most aggressively for investment in Chinese companies was Rodman & Renshaw, a boutique operation based in New York and chaired by Clark, the retired four-star general and war hero who mounted a bid for the Democratic presidential nomination in 2004. Clark became chairman of the investment firm in 2009, just as it was emerging as a central player in the China investment wave...
"Our firm was a leader in bringing small and medium-size Chinese companies to the U.S. capital markets," he said. "No one is more disappointed than the bankers at the firm that some of these companies -- despite receiving consistently clean bills of health from well-respected lawyers and auditors -- apparently concealed improper business practices."
The general did not run day-to-day activities at the firm, instead chairing board meetings and lending his star power during extravagant annual conferences, where investors were invited to hear presentations from dozens of Chinese companies trying to attract financing as they joined American stock exchanges. The conferences were luxurious affairs held at the Waldorf in New York and Le Royal Meridien Hotel in Shanghai. Henry Kissinger spoke at one, former Sen. Chris Dodd, D.-Conn., at another. Diana Ross performed, as did En Vogue.
Rodman & Renshaw shuttered its securities business following the Chinese fraud revelations, but that hasn’t stopped Clark from pitching pennies so to speak. As Bloomberg reports, Clark has lent his name (and fame) to at least 10 OTC companies ranging from a food truck operation aimed at convincing veterans to become traveling grilled cheese salesmen to a hydroponic lettuce outfit run by the trader who inspired Charlie Sheen’s Bud Fox.
Here are the details:
Sixteen years ago, Wesley Clark was the four-star U.S. Army general running the Kosovo war. These days, he’s been pitching food-truck franchises to military veterans and helping a convicted felon raise money to grow hydroponic lettuce...
Since he ran for president in 2004, Clark has joined the boards of at least 18 public companies, 10 of them penny-stock outfits, whose shares trade in the “over the counter” markets, a corner of Wall Street where fraud and manipulation are common.
All but one of the 10 lost value during Clark’s tenure. Three went bankrupt shortly after he left their boards, and the chief executive officer of one pleaded guilty to fraud. Only four of the 30,958 people in Bloomberg’s database of over-the-counter board members have served on more boards than Clark...
Besides serving on boards, Clark has worked as a consultant and an investment banker. His clients include the man behind the lettuce project, Dennis Levine, whose role in a 1980s insider-trading ring helped inspire the Charlie Sheen character in the movie Wall Street…
Levine, Clark’s client in the lettuce venture, pleaded guilty to securities fraud in the 1980s investigation that brought down Ivan Boesky and Michael Milken, the junk-bond king. A dapper dresser who drove a red Ferrari, Levine served two years in prison and was banned from the securities industry for life. In December, Clark helped Levine raise $500,000 from two investors through a small investment bank he runs, Enverra Capital. Securities filings show that was the first step in a planned $5 million fundraising. “We checked him out,” Clark says, “and he seemed honest and legitimate in this business”...
Levine runs VFT Global which, according to its website, “has integrated technologically advanced farming methods with greenhouse crop growing experience to develop innovative CEA production technology.” Only they haven’t. Here’s Bloomberg again:
Levine, 62, acknowledges in an interview that the company has never grown anything.
In the interim period between not growing anything at all and “blanketing the United States” with hydroponic lettuce facilities, Levine decided to become a distributor, but ultimately discovered that suppliers expect to be paid:
One of his growers, in Cleveland, claims in a lawsuit that VFT fell behind on its bills within 11 weeks of signing a contract and now owes about $167,000.
Levine’s explanation: bad lettuce.
Levine says the lettuce was of low quality or never delivered.
And as for the food trucks…
Clark says his role in the grilled cheese venture is to find military veterans to staff the trucks or buy franchises. He was brought in and promised fees of more than $200,000 a year by a group of penny-stock promoters who’d taken over a couple of orange-colored trucks in Los Angeles that had developed a following for their mac-and-rib-and-cheese sandwiches…
The company raised $5 million in private sales of securities, and its stock started trading in January, giving it a market value of $108 million—about $10 million for each truck in operation. The stock has declined almost 70 percent since then. The company’s executives have paid themselves more than $1.7 million, which doesn’t include Clark’s fees…
Here is how The Grilled Cheese Truck (to which we introduced readers in February) describes the business opportunity available to veterans:
Thank-you for Your Interest in Our Veteran Program!
The Grilled Cheese Truck started Melting the streets of Los Angeles in 2009. We have since been named the #1 food truck in Los Angeles several times and have appeared on numerous television shows and interviews. Our Melts have been listed as some of the best sandwiches in the country. After being embraced by the local cheese loving crowds as well as the media, we saw that our concept needed to be expanded so the rest of the world can taste our cheesy Melts.
The Grilled Cheese Truck Inc. has committed the first 100 trucks to be run by qualified Veterans. We feel that the skill set developed by a veteran’s military training lends itself incredibly well to operating one of our Trucks.
Owning a business is not for everyone. For us at The Grilled Cheese Truck, it takes a sense of commitment to the product as well as maintaining our high standards of incredible customer service.
Operating a food truck requires hard work, long hours and the ability to think under pressure while being able to smile at our guests. Managing a staff of 5 or more crewmembers while overseeing the truck’s operations is a responsibility that takes a lot of time and effort.
If you feel you’re ready to be a business owner and are intrigued by a possible future with The Grilled Cheese Truck, please print out this form and email it back to us.
We look forward to hearing from you and thank you for serving our country!
How would the five veterans who have so far participated rate their experience with the company you ask?
“We all felt very used and abused. We quit because of all the lies and bullshit.”
Here is a look at Clark's sterling track record:
* * *
As for Clark, he doesn't buy the idea that his name and face are being used to lure unsuspecting investors and project a false air of legitimacy.
Clark: "Nobody’s going to invest in a company just because General Clark is a director."
Perhaps he meant to say "nobody smart" because while being a war hero is probably helpful when you're trying to turn veterans into grilled cheese purveyors, having a reputation as a penny stock pusher is a contrarian indicator for hedge funds:
“His appearance on a board is a huge red flag,” says Joe Spiegel, whose fund, Dalek Capital Management, made money shorting the stock of one of Clark’s ventures. “These companies use people’s names to get legitimacy”...
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Well, when you get all "truthy" and they kick you out of the club, you have to do something to make ends meet.
Honestly, everyone has a fucking agenda.
< yawn >
Corzine?
Helllloooooooo?
Rinse and repeat.
Yes, moral hazard is a real bitch. I hear lots of whining, very little doing...
So what is your point?
Everyone from ex-treasury secretaries to the ex-federal reserve chairs is pushing worthless stocks for their wall street masters, why not the military ?
Exactly, as I said, everyone is selling something, whether or not what they are selling has any real value or not is another question. That is why price discovery is so important.
Anything better than his former bosses:
https://www.youtube.com/watch?v=2_wfMrz9_mY
'The Boiler Room' was supposed to be a cautionary tale, not a how-to manual. But then again, so was the origial 'Wall Street'.
I imagine somebody yelling "RECO!" and General Clark (playing the part of Vin Diesel) bolting to be the first to pick up the phone:
https://www.youtube.com/watch?v=y3aA0XIp7vs
From false flags to red flags... Why not sending him to Belgrade where he has been sentenced to 20 years in prison for - among other things - war crimes against civilians and launching aggressive war?
These retired generals have spent most of their adult lives getting two things.
Free hand outs from the government, starting with their military academy education and ending with their retirements for life.
And constant accomodations and praise from an insane military industrial complex that feeds off fraud waste and abuse..and failed conflicts.
How is it so suprising these megalomaniac s believe it's their right and privalege to become oligarchs?
This I believe is how good nations die.
Of course, but who will be the first to take up arms?
Talk is cheap.
NeoPlatonic General in charge of a Penny. Not much left to go wrong with that, I suppose.
They don't like him, so they bash him.
"Learn your fucking lesson, rat"
You beat me to the punch ...NONE of this would have come out if he had not gone into hyper drive talking about the invade seven nations in five years plan adopted by the Pentagon after 911 .. he also revealed a lot at Atlantic Council meeting last year or early this year .. some of the things he said must have turned the powers that be on edge . in the Atlantic Council meeting . told more actual truth than anyone I have heard in over a decade of following these guys around .... one of the few times someone has told the truth .. I am not sure if he is dimwitted .. dull . or what his deal is .. by the way . also made out in the Balkans with various business scams.. so did Madeliene Cankles Albright .. they both made a lot of money after that fiasco .. this hatchet job on him . well deserved.. but he is a piker in comparison to some of them .. this hit job is a warning to others . do not in any way shape or form reveal any kind of agenda . or you are toast.. I think Petraeus got a taste of it as well ... this is the Atlantic Council briefing ..https://www.youtube.com/watch?v=M5e4MLk9gCo
watch from about 21 to 49 minutes into it.. also this link is one of many re his statement about invading countries https://www.youtube.com/watch?v=nUCwCgthp_E ........ they . the shadow govt. might have left him alone if these various videos had not become common knowledge... https://www.youtube.com/watch?v=xKOJhRKqAtI
Wesley Clark On Hillary Clinton: 'There Hasn't Been Anybody In American History Better Prepared For The Presidency'
He's been a Clinton-camp crony for a long time, but on the military side. The apple doesn't fall far from the corrupt tree.
Yup, Second Amendment hater as well; Wesley "If you want to fire an assault rifle, join the army" Clark. A real shit bag. I hope there's a special place in Hell for members of our military who undermine (instead of defend) The Bill of Rights.
Not sure what to make of this article? what do the expect of someone who dedicated all his life to service of the country?
He didn't serve his country. He served NATO and the MIC neocons. He's a dirty rotten bastard. He had a few brainfarts and forgot to think before talking, so he upset his masters and now they well shit all over him.
WTF?
Everything he owns is a conflict of interest no matter what he votes for!
You vote for him - whom votes for someone higher up the chain and so forth until you have a presidential candidate - You smellin' what I'm sellin'?
Off Topic, but worthy of note. Considering the entire media news black out of Ukraine. Read what the Kiev Junta members themselves say is happening there.
" Fulfilling the requirements of the IMF will make the majority of Ukrainians homeless - said the Minister of Finance of Ukraine, according to Ukrainian portal MIGnews.
The International Monetary Fund expects the Ukrainian authorities to adopt such laws which will make the majority of the population in the country homeless, said the Finance Minister of American origin Natalie Jaresko.
According to her, one of the outstanding issues before the transfer to the Ukrainian authorities of the next IMF loan is the failure of the Verkhovna Rada to pass some bills.
In particular, the following: "The bills related to improving the capabilities of "Naftogaz" to collect their receivables. We are talking about the removal of various existing barriers, which currently do not allow this," - said Jaresko.
According to her, there are two such problem bills. "One of these bills, I know, is on the agenda of the Verkhovna Rada on Thursday, and the second one the government will have to submit a second time, since it failed to pass", — said the Minister of Finance."
Excellent info thanks .. I am lazy . can you put up some links wiht the posts .. thanks.
Hmmmm. how the hell can I get Wesley Clark on the board of JPM, GS, MS , B of A and a cadre of other ne'er-do-wells?
The Ted McGinley of Penny Stocks, great.
Here's your cheese sandwich. Want some lies with that?
I guess he shouldn't have mentioned the fact that we were going to bring down seven countries is five years,
https://youtu.be/9RC1Mepk_Sw
Of course they are going to invest in it because of him. In a world of ubiquitous cronyism, anyone who seems connected legitimizes everything they touch.
I have seen him on TV. In a uniform.
Wes Clark is a shit bag. Despised in the military as a shill and political burn noser.
I would date the Clintoonization of the military to Clark. Utterly detestable vile POS.
The big military boys are some of the biggest insiders.
These are the nuke, red-button crew.
Everything he is doing must be cleared, even now. In other words, all is well with the mafia, thank you very much.
"and metamorphose into a modest version of George Soros,"
anyone with this goal is brain dead , at a minimum.
He did score a brain dead 86 on his Series 62 exam, even after giving it the old college try.
http://www.zerohedge.com/news/2014-02-22/eastern-ukrainians-are-revoltin...
It's a Pass/Fail Exam - he's positioned himself so he can make Corporate Deals Himself.
At his Age, he's probably spent more time writing about his Military Memoirs and commenting on his next Political Campaign during the same period.
I'm surprised none of the Wall Street Firms or Regionals like Legg Mason or Vanguard would have him on their Board as Eye Candy.
Don't be surprised. They did. GS named Clark to one of their countless advisory boards.
The complete list of pimps from his BrokerCheck report was in the link I posted.
5 Million?
And I even know how to grow hydroponic lettuce.
Contrast this chump w Gen. US Grant, who so mortified by having his name used bt a Wall Street ponzi artisit, paid back investors out of his own pocket....bankrupting himself in the process.
Or Chester Nimitz, who had huge offers but refused to profit on the backs of those who didn't come back.
All of this is window dressing. A mere bagatelle.
General Clark's secret dream is to be the next ShamWow pitch man.
Is Clark a Republican or Democrat? Can't be a Dem, they are selfless and for the little folks...like the Clintons!!
Is Clark a Republican or Democrat? Can't be a Dem, they are selfless and for the little folks...like the Clintons!!
After intense market research, mainly in the 2-5 year old range, I am still long on GRLCHZTRUK.
http://www.bullioninternational.com/advisory-board/
Anybody remember which contributor was pushing this operation?
This video would make poor Michael Jackson turn in his grave:
We Are The World rendition ends Nato meeting in Turkey
http://www.bbc.com/news/world-europe-32740547
How long do you think it would take for him to get fragged by one of those veterans after they lost their life savings investing in a Grilled Cheese Truck Inc. franchise?
"is a huge red flag" Much like his military career... Putz...
What a complete fucking farce this country has become. The closer the spinning shit wad comes to the bottom of the vortex<> the faster it's flung across the toilet bowl.
I'd love to see a picture of Clark & Chairsatan at the Bohemian Grove~ opening ceremonies.
Robbing Vets of their remaining savings I hope one of them decides to shoot that piece of shit right in the fucking face.
Weasley Clark.
Was he motivated by the movie WOLF OF WALL ST ?
Or by the ZH guy making >$7000/mo, working part time in his PJs?
help from fellow tribesmen?
He almost started a big military conflict with Russia over Kosovo. The Russians had sent troops from Bosnia to Kosovo to 'secure' Pristina airport. When Clark heard about this he was enraged and sent then Captain in the British army now singer James Blunt to confront and engage them. Blunt's British superior told Blunt to stand down and then told Clark "I am not going to start WWIII for you".
Clark also changed the nature of the Kosovo conflict with Serbia when NATO found out they were not hitting military targets enough due to good Yugoslav tactics. NATO then stated bombing civilian targets such as infrastructure, trains, hospitals, markets and random houses in random villages. When Milosevic gave in and redrew his troops from Kosovo, NATO did nothing to protect the Serbs in Kosovo and they were ethnically cleansed from there. NATO used cluster bombs and DU ammunition in Kosovo and Serbia.
Clark just like Albright went on the have 'business interest' in Kosovo. Kosovo btw is a mess run by a maffia clan and people are leaving the place in droves.