Los Angeles, CA . A new 9 minute video blog to be released on Monday, July 18 th , 2005 on the Internet website www.fulldisclosure.net reveals the enormous financial clout wielded by the Los Angeles Unified School District and how that clout was used to manipulate the IRS, fending off penalties for violations of Internal Revenue Codes for illegal use of tax-exempt bonds.
The Full Disclosure Network™ discovered a series of letters sent by the Internal Revenue Service to the LAUSD in 2001 and 2002 regarding the illegal use of $92 million in non-voter approved, tax-exempt bonds, known as Certificates of Participation (COPs), issued in 1997 to build the controversial Belmont Learning Center. The school project has cost to date $330 million, has never been occupied and was partially demolished in December 2004. Reconstruction plans are underway.
The first IRS letter dated 2001 cited the school district for violations. The second letter dated 2002 addressed serious penalties to apply for “a deliberate attempt to provide misleading valuations and statements that could be considered in addressing any issuer liability for IRC penalties.” A third letter in 2002, reversed the first two letters, subject to further reporting.
Featured on this 9 minute video blog are:
Anthony Patchett, former head of the DA's Belmont Task Force explains how influential lawyers employed by LAUSD have the ability to sway even the most powerful federal agencies.
Dominick Shambra: Director of Planning & Development for LAUSD Belmont project describes the IRS correspondence with the LAUSD.
David Cartwright, Sr. Partner, O'Melveny & Myers, outside legal counsel to LAUSD claims the IRS found no wrong doing in the Belmont project.
Edwin Meese, III former U. S. Attorney General defines large conglomerate law firms and impact on government and public policies.
Since December 2004, the Full Disclosure Network™ has produced and distributed over 14 hours of interviews with the key players in the LAUSD Belmont Learning Center scandal. In 2002 a Special Series entitled “ L.A.'s War Against Terrorism” received an Emmy Award for Public Affairs and Informational programming from the Academy of Television Arts and Sciences.
Al Cardenas is Chairman of Romney for President's Hispanic Steering Committee. I got the following email from the campaign. Boston, MA – Al Cardenas, the Chairman of Romney for President's National Hispanic Steering Committee, issued the following statement regarding tonight's Democrat presidential forum on Univision: "Tonight's Univision forum demonstrated once again the consequences that a President Clinton, President Obama or President Edwards would have on the Hispanic community. Whether it's tax increases for families and the two million Hispanic business owners, socialist-style health care, coddling dictators, opposing free trade with our allies or putting family values last, the Democrat presidential candidates made clear how out of sync their policies are with the best interests of the Hispanic community. Mitt Romney has put in the effort to reach out to this vital bloc, and, after watching tonight's debate
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