Where did Democratic donor Norman Hsu get his money? Wednesday’s Wall Street Journal’s article, “‘60s Figure Says He Financed Donor [Norman] Hsu” answers this question:
“A company controlled by Mr. Hsu recently received $40 million from a Madison Avenue investment fund run by Joel Rosenman, who was one of the
creators of the Woodstock rock festival in 1969. That money, Mr. Rosenman told investors this week, is missing. Mr. Hsu told Mr. Rosenman the money would be used to manufacture apparel in China for Gucci, Prada and other private labels, yielding a 40% profit on each deal, according to a business plan obtained by the Journal. Now the investment fund, Source Financing Investors, says Mr. Hsu’s company owes it the $40 million, which represents 37 separate deals with Mr. Hsu’s company. When Source Financing recently attempted to cash checks from the company, Components Ltd., the investors say they were told the account held insufficient funds.”
I have been following Norman Hsu’s story since it broke and he sounds like one incredible con man, a Ponzi scheme master. It’s amazing in today’s information age (with Google, background checks, etc…), that con artists can still get away. Fortunately, from what I have seen so far, the Norman Hsu story hasn’t spilled over into the vilification of Asian/American donor red scare…. yet. Let’s hope it stays that way!
About John
I'm a Taiwanese-American and was born & raised in Western Massachusetts, went to college in upstate New York, worked in Connecticut, went to grad school in North Carolina and then moved out to the Bay Area in 1999 and have been living here ever since - love the weather and almost everything about the area (except the high cost of housing...)
