Is Preet Bharara Trying to Tell Us Something?

Fired by President Donald Trump, Preet Bharara left behind a mysterious, thirteen-word message. "By the way, I know what the Moreland Commission must have felt like," he tweeted on Sunday.


Americans are getting used to deciphering the tweets of a president who eviscerates his enemies in 140 characters or less. So perhaps it's inevitable that a public official whom he dismissed would fight back in the same way — and similarly raising questions about the tweeter's intent and state of mind.


A spokesman for the U.S. attorney's office for the Southern District of New York said he could not elaborate on Bharara's tweet. And the ex-prosecutor himself has made no further public comment, leaving those familiar with the Moreland Commission's history to speculate about the presidential parallels.


The cryptic reference to the corruption-fighting commission, which New York Gov. Andrew Cuomo unexpectedly disbanded in March 2014, could simply mean that Bharara knows what it's like to be let go when there's still important work to be done. Or it could be read to accuse Trump, like Cuomo, of trying to axe an investigation before it brings down his friends. In the most sinister interpretation, it could even be a threat or a portent — since Cuomo's allies ultimately faced justice anyway.


"I think Preet is way too smart to simply say something that might have wide-ranging implications without thinking it through," said Chris Malone, a political science professor at City University of New York's Lehman College. Malone said he thinks Bharara was "sending a message" that "you're cutting off an investigation in midstream."


Following a series of corruption scandals involving state lawmakers, Gov. Cuomo created the Moreland Commission to Investigate Public Corruption, as it was formally known, in July 2013 to root out corruption in politics and state government. It was named for a 1907 law known as the Moreland Act, which gives the governor broad authority to investigate state agencies. The panel's 25 members included current and former district attorneys from across the state who were empowered to issue subpoenas and compel testimony.


The panel issued a first draft of its findings in December 2013 and vowed to "proceed with ongoing investigations as we continue to follow the money." Those investigations hadn't reached their conclusion when, four months later, Cuomo abruptly dismantled the commission.


Cuomo said at the time that a package of modest ethics reforms agreed to by the legislature eliminated the need for the commission. But a subsequent New York Times investigation revealed that Cuomo's aides undermined the commission as the panel's subpoenas started getting close to the governor's office. The timing suggested Cuomo was concerned that the commission might dig up unwelcome facts about his administration.


Enter Bharara. After Cuomo disbanded the panel, the Moreland Commission handed over documents, computer files and other materials from its investigation to the federal prosecutor, who vowed to take over its mantle.


Those documents helped lead to the downfall of longtime Assembly Speaker Sheldon Silver and Senate Majority Leader Dean Skelos. Both were indicted by Bharara's office and convicted on corruption charges. Another Bharara inquiry led to bribery charges against Cuomo confidant Joseph Percoco and several other players in upstate economic development programs championed by the governor, though Cuomo himself was not charged with any wrongdoing. Percoco and seven other co-defendants pleaded not guilty to the charges in December.


Bharara's office handled hundreds of cases on everything ranging from public corruption to insider trading to accounting fraud and drug trafficking. It's unknown whether any of his cases touched on the Trump administration, but the possibility exists: Trump Tower, the president's unofficial residence, falls squarely within Bharara's district.


Last November, the president asked Bharara to stay on as the chief prosecutor for the district. Bharara came out of the meeting at Trump Tower saying "I expect that I will be continuing to work at the Southern District of New York" under President Trump. Nevertheless, on Saturday, Trump fired him.


"He made such a big deal of bringing him to Trump Tower and telling him that he's going to stay on," Malone said. "Something obviously changed."


The Moreland Commission handed off its materials to Bharara. Perhaps Bharara's tweet implies that he, too, has documents to share with other investigators. If so, we'd like to suggest a worthy recipient: ProPublica.


ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for their newsletter.
















shadi katyal

5 months ago

First let me say that we Indians are proud of Bharat Bharara for his hard work and honesty as he has not taken any sides. He was incorrectly criticised by UPA government for his arrest of non-diplomat Devika but he stood byt his action and proved right.
It is true that every change of President of different party, such attorney are asked to resign so that new administration can bring their own party affiliates.
Mr. Bharara might have been given the understanding that he can continue but maybe he was investigating something which might touch Trump business and thus asked to resign.
He has a bright future to run for political office in next election either for congress or state of New York. We wish him well

Nifty, Sensex remain firm – Wednesday closing report
We had written in Tuesday’s closing report that Nifty, Sensex were likely to head higher. The major indices of the Indian stock markets were range-bound on Wednesday and closed with marginal losses over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Selling pressure in IT (information technology) and Teck (technology, media and entertainment) stocks, coupled with disappointing macro-economic data pulled the Indian equity markets lower on Wednesday. Besides, investors were cautious ahead of the US Federal Open Market Committee's meet later in the evening on whether or not to raise interest rates. However, the rupee was strong. On the NSE, there were 790 advances, 661 declines and 63 unchanged. On the BSE, there were 1,426 advances, 1,384 declines and 187 unchanged.
Asia's oldest bourse BSE on Tuesday launched futures on S&P BSE Sensex 50 index which will help investors to achieve portfolio diversification. "The market participants would be able to take a long-term view on the underlying. Introduction of additional indices will also lead to increased participation in the index futures market," it said in a statement. The index is designed to measure the performance of the top 50 largest and liquid stocks in the exchange's Large and Mid Cap by float-adjusted market capitalisation. Further, index futures contracts will lead to better price discovery and will be useful in hedging and risk management tools. According to the exchange, it will also take market towards a multi-product environment. "The index is diversified index as it represents each key economic sector identified by bourse's sector model covering approximately 53.9% of total market capitalisation of the exchange listed companies as of October 30, 2016," it added.
Reliance Communications (RCOM) has got the approval of the SEBI, BSE and NSE for the proposed de-merger of its wireless division into Aircel, the company said on Wednesday. Post-closing, RCOM and the present shareholders of Aircel will hold 50% each in Aircel. Industrialist Anil Ambani-led RCOM and Aircel announced plans to merge their wireless operations on September 14, 2016 to give birth to an entity with assets worth Rs65,000 crore. Reliance Communications shares closed at Rs36.80, up 1.52% on the BSE.
Anchor investors of Reliance Mutual Fund Central Public Sector Enterprises-Exchange Traded Fund (CPSE ETF) have bid for Rs5,700 crore, that is, over 7.5 times of Rs750 crore of reserved quota, said industry sources. Some of the anchor investors who participated in the bid on day one on Tuesday are BNP Paribas, Morgan Stanley, SocGen, CitiGroup while the domestic investors include LIC, Exide Insurance, SBI Bank, Axis Bank and Canara Bank. Reliance Mutual Fund, a part of Reliance Capital, plans to raise Rs2,500 crore through its second further fund offer (FFO) of its CPSE ETF. The issue opens for all other investors from March 15-17, 2017 with allocation priority to retail and PFs. The bids received by the anchor investors also surpass the aggregate issue size on the first day by over two times. 
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below:


'Trump wrote off $ 100 million in business losses'
US President Donald Trump's tax affairs were back in the spotlight after leaked 2005 returns showed he wrote off more than $100 million in "business losses" to reduce his federal taxes burden.
The President paid $38 million in federal income tax on reported income of $150 million, an effective tax rate of 25 per cent, according to documents from Trump's 2005 tax returns disclosed on Rachel Maddow's MSNBC show late Tuesday. 
By claiming losses, Trump apparently saved millions of dollars in taxes that he would otherwise have owed, reports said.
The White House responded without even waiting for the show to air, issuing a statement that seemed to confirm the authenticity of the forms as it defended Trump and assailed MSNBC for publicising them. 
"You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago," a White House official said in a statement.
"The dishonest media can continue to make this part of their agenda, while the President will focus on his, which includes tax reform that will benefit all Americans," the official said.
The White House described Trump's business losses as a "large-scale depreciation for construction", but did not elaborate, reported the New York Times.
In addition to the federal income taxes in 2005, the statement said, he paid "tens of millions of dollars in other taxes, such as sales and excise taxes and employment taxes, and this illegally published return proves just that".
Democrats pounced on the report, arguing that the White House's decision to release details of Trump's 2005 taxes before Maddow's show undercut his past refusal to release any such information.
"If they can release some of the information, they can release all of the information," said Zac Petkanas, a senior adviser to the Democratic National Committee. 
"The only reason not to release his returns is to hide what's in them, such as financial connections with Russian oligarchs and the Kremlin."
The tax forms were sent to journalist David Cay Johnston, who has written a book on Trump. 
Appearing with Maddow on the MSNBC show, Johnston said he had received the forms "over the transom" at his home and did not know who had sent them. 
He suggested that they might even have been sent by Trump himself. Because he did not solicit the forms. Johnston said it was not illegal to receive them, reported the newspaper.
The forms showed that Trump made $67 million in real estate royalties, $42 million in business income, $32 million in capital gains, $9 million in taxable interest and $998,599 in salary in 2005, for a total of nearly $153 million. 
After writing off $103 million, he reported adjusted gross income of nearly $49 million. In the end, he had to write a check for $2,450,597, including penalties and interest for late payment, said the report.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.


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