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Democrats to Stage Fundraising Bash at Lerach Estate

Now that controversial Republican financier Doug Manchester is poised to take over the Union-Tribune, county Democrats may have reason to fear for their future.

But they can still count on at least one well-heeled local ally.

Super-lawyer Bill Lerach, who went to prison after reaching a plea deal with federal prosecutors over a client kickback scheme, is opening his La Jolla estate for a big holiday party, co-hosted by the local Democratic party and the La Jolla Democratic Club

As Don Bauder reported last year, Lerach is "residing comfortably in one of the county’s most luxurious spreads, a cliffside villa in La Jolla. He is worth an estimated $700 million.

"The government made him pay a mere $7.5 million for his crimes.

"The profane, volatile, bullying Scotch guzzler and work addict — now on his fourth marriage — can no longer practice law but is preparing to teach a course at the University of California Irvine School of Law."

The invitation to the December 18 party posted on ActBlue's website says, "For the second year in a row, the County Democratic Party will be hosting our holiday event at the stunning cliffside estate of Bill and Michelle Lerach, longtime supporters of Democratic candidates and causes.

"Guests last year were wowed by the incredible architecture, panoramic views, food and drinks, entertainment, and tours of the Lerachs’ art collection. We are delighted to be working with them and the La Jolla Democratic Club to bring you this event again! "

"The ticket price includes hors d'oeuvres, beer and wine, and nonalcoholic beverages. Proceeds will help San Diego Democrats prepare for next year’s elections."

Prices seems reasonable: $40 each, $25 for students.

Pictured: President Clinton and Bill Lerach in official White House photo

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Now that controversial Republican financier Doug Manchester is poised to take over the Union-Tribune, county Democrats may have reason to fear for their future.

But they can still count on at least one well-heeled local ally.

Super-lawyer Bill Lerach, who went to prison after reaching a plea deal with federal prosecutors over a client kickback scheme, is opening his La Jolla estate for a big holiday party, co-hosted by the local Democratic party and the La Jolla Democratic Club

As Don Bauder reported last year, Lerach is "residing comfortably in one of the county’s most luxurious spreads, a cliffside villa in La Jolla. He is worth an estimated $700 million.

"The government made him pay a mere $7.5 million for his crimes.

"The profane, volatile, bullying Scotch guzzler and work addict — now on his fourth marriage — can no longer practice law but is preparing to teach a course at the University of California Irvine School of Law."

The invitation to the December 18 party posted on ActBlue's website says, "For the second year in a row, the County Democratic Party will be hosting our holiday event at the stunning cliffside estate of Bill and Michelle Lerach, longtime supporters of Democratic candidates and causes.

"Guests last year were wowed by the incredible architecture, panoramic views, food and drinks, entertainment, and tours of the Lerachs’ art collection. We are delighted to be working with them and the La Jolla Democratic Club to bring you this event again! "

"The ticket price includes hors d'oeuvres, beer and wine, and nonalcoholic beverages. Proceeds will help San Diego Democrats prepare for next year’s elections."

Prices seems reasonable: $40 each, $25 for students.

Pictured: President Clinton and Bill Lerach in official White House photo

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Comments
7

And some of these people have the nerve to call themselves part of the 99%?

Nov. 18, 2011

wow...what an absolute smear. my friend's aunt had a neighbor who had her entire life's savings of $200,000 in Enron and lost it all. because of mr. lerach's efforts, she was able to recover abouit 65-70% of what she lost.

all due to major corporate fraud, insider trading etc involving fraud by major banks, accounting and law firms (in concert with the Enron corporate felons). and i'll bet the uc regents were happy with their chunk of the enron recovery. they lost $150 million. the sins of wall st have cost us several trillion dollars. i wish there were hundreds of "bill lerachs" working at the SEC and teh corporate/civil fraud division of the DOJ instead of those that are in the revolving door between wall st and the regulatory agencies.

plus it's nice that there are some who have done well who are willing to support liberal causes. good for him and his wife. I wish there were more like them.

for a more balanced view, see the recent Bloomberg article at http://www.bloomberg.com/news/2011-10-12/convicted-king-of-class-actions-bill-lerach-builds-aviary-regrets-nothing.html

Nov. 22, 2011

2.wow...what an absolute smear. my friend's aunt had a neighbor who had her entire life's savings of $200,000 in Enron and lost it all. because of mr. lerach's efforts, she was able to recover abouit 65-70% of what she lost.

I actually had downloaded the Lerach class action lawsuit against Enron- where he represented UC the largest creditor. It was over 500 pages long. I don't think anyone came out of enron with anything close to 65%.

Total losses at ENRON were over $75 billion nad the recovery fund was like less than 10% of the losses, whch is about right in these types of cases. UC recovered less than 10%

Nov. 22, 2011

i will double-check with my friend about what his aunt's neighbor recovered. what a tragic mess. let's not forget that over 22,000 employees lost their jobs, pensions etc due to ken lay, jeff sklling and the schmuks who took that company down.

i stand by remarks that i wish there were "hundreds of bill lerachs at the SEC and DOJ" (not to mention eliot spitzer and gary aguirre)...they got rid of em all, didn't they?

Nov. 23, 2011

read this over ... UC Regents 'allowed loss' was $109 million ... (since they were in charge of the distribution, i think they probably recovered most of that, correct?) i haven't read thru all of these releases. can u decipher? what do u thin the MF Global investors will recover? my guess is zero, or close to it. http://www.enronfraud.com/enr-cgi-bin/mil?templ=news/articles/uc_081218.html

Nov. 23, 2011

what do u thin the MF Global investors will recover

MF global is looking like an Enron type fraud.

I would suggest listening to the Bill Black interviews to see if anything will happen to these con artists;

#1- Short version video-4 minutes

http://www.youtube.com/watch?v=4XJe7O-3QBc

2- Longer version video- 16 minutes

http://www.youtube.com/watch?v=N_AuvLTJNh0

Nov. 26, 2011

you are correct. the settlement should have been a lot more. but the DOJ had been hounding Lerach and his peers for years to try and end his career. and guess who put an wrench in the works toward even higher liability against unscrupulous thieves running corporations and those 3rd party firms, banks, consultants who assisted in the massive fraud? ans: the US Supreme Court ... in a decision while Enron was being settled, the USSC came up with this ... the Court held that "aiders and abettors" of fraud cannot be held secondarily liable ... pretty abominable, eh? especially with you learn that Justice Kennedy, who wrote the opinion, had a relative working at a major bank...and the US Supreme Court is exempt from the recusal requirements that apply to every other federal court in the land ... welcome to America...of, by and for the mega-wealthy ... http://en.wikipedia.org/wiki/Stoneridge

Nov. 26, 2011

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