Why Does Cuomo Ignore Bribery?

[Policing Wall Street]

New York State Attorney General Andrew Cuomo is playing politics with the money of all residents of this great state.

With his eyes on the prize of becoming governor next year, Cuomo has made a decision that he will play by the rules of Wall Street: some individuals belong to a "no touch" category—no matter how guilty, for violations of the Martin Act or even for bribery.

In Wall Street’s own version of the caste system, Cuomo did not indict David Loglisci for bribery; even though he did receive a bribe. By purposely refusing to indict Loglisci for receiving a bribe, Cuomo has with willful intent sought to avoid indicting Steven Rattner, the car czar who guided Chrysler into bankruptcy and will soon lead GM in the same direction.

For the edification of Cuomo, I hereby quote from the statute for bribery in the second degree.

Section 200.03 Bribery in the second degree: "A person is guilty of bribery in the second degree when he confers, or offers or agrees to confer, any benefit valued in excess of ten thousand dollars upon a public servant upon an agreement or understanding that such public servant’s vote, opinion, judgment, decision or exercise of discretion as a public servant will thereby be influenced."

Bribery in the second degree is a class C felony. Now let’s examine the actions of Steven Rattner:

Chooch was a film produced by Loglisci and his brother. David Loglisci was the Deputy Comptroller of the State of New York and the Chief Investment Officer of the New York State Common Retirement Fund. Chooch was a money losing film- and the name was properly chosen to describe the efforts of the Loglisci brothers.

Chooch means "Jackass" in Italian. It cost approximately $1 million to produce and in 2004 grossed $31,105. Another Titanic in a sense; this one also sank.

So what did the genius Steven Rattner? Rattner agreed to pay $88,841 to Loglisci for the right to distribute Chooch on DVD. (I would like to know the financial model, which Rattner used to value the DVD rights of Chooch at $88,841.)

Three weeks after Rattner agreed to make his investment in Chooch, Loglisci personally informed Rattner that the Retirement Fund would be making a $100 million investment in the Quadrangle Fund of which Rattner was a founding partner.

The success of the Quadrangle affiliate, GT Brands LLC, which purchased the DVD rights to Chooch from Loglisci, mirrored the success of Chooch. Shortly after GT Brands purchased the rights to Chooch, GT Brands itself met the same fate as Chooch; it went out of business.

Rattner should have been charged with bribery in the second degree. There is no mistake about it. But Cuomo likes to bluster and behave like a volcano. Rattner donated millions to the Democratic Party and that gives Rattner a pass on the bribery charge.

The Constitution guarantees equal protection of the law to all Americans. But Cuomo guarantees no prosecution to those individuals who bribe a public officer as long as they are White Wall Street movers and donors to the Democratic Party.

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