Bermuda Bombshell: HuffPo Says Bayh’s Greed “Extraordinary Even By Clintonian Standards”
Evan Bayh’s insatiable greed is presenting new challenges for him according to an explosive new report from the Huffington Post. They have uncovered that Bayh owns at least $1 million in the stock of a Bermuda-based insurance company Athene. This company has been accused of a “bait-and-switch scam” for targeting retirees with risky investments:
“Evan Bayh, the former Democratic senator from Indiana and current Senate candidate, has at least $1 million in holdingswith a Bermuda-based insurance company, Athene, that has a business model that a class action lawsuit is challenging as a bait-and-switch scam.”
The Bermuda company’s entire business model revolves around pumping the assets of retirees into risky assets and collecting fees doing it. Either way, Bayh gets rich:
“Athene’s business plan, the suit claims, is to buy up the annuities of retirees that had previously been invested in bonds and blue chip stocks, and instead pump their money into the risky bets of a private equity firm. That firm turns out to be Apollo Global Management ― where Bayh is a highly paid senior adviser ― which actually owns Athene, so if the gamble pays off, Athene’s parent company gets rich. If it flops, the retirees take the hit.”
Bayh’s greed has reached such elevated heights that the liberal Huffington Post dubbed it “extraordinary even by Clintonian standards.” Given all the news that has come out about the Clinton Foundation recently, there can be truly no lower praise than that.
Evan Bayh abandoned Indiana residents in order to cash in as a lobbyist. We now know that part of that cashing in was swindling senior citizens out of their hard-earned retirement savings. Evan Bayh’s conduct is disqualifying and disgraceful. He should drop out.