Tuesday, August 02, 2005

Franken On Air America's Enron Scandal

The Air America Enron chapter continues to build and continues to look very bad for Al Franken and the gang from AA (Captain's Quarter's round-up):


Captain’s Quarter’s has a good round-up on the growing scandal. Franken spoke on the matter today and said the following, per David Lombino of the Sun

Mr. Franken said he has learned details of the story only in the last week. He said Piquant LLC, current owner and operator of the radio network, found a record of the transfers while conducting a "forensic" investigation into the finances of the previous owner, Progress Media, which was run by Mr. Cohen. That internal probe was conducted before the city agency became involved, Mr. Franken said. Efforts by The New York Sun to reach Mr. Cohen for comment in recent days have been unsuccessful.

There is a problem with Air America knowing about this months ago and not telling anyone, even as they try to state they were preparing to pay the money back. Looks like damage control is hitting high gear.

Another thing that seems very strange in this whole case is how did the Gloria Wise organization not know or push for the return of these funds as they were basically becoming insolvent. How does that happen when you know that you are owed a fat $875,000 from Air America? This deal had insider access no doubt based on what is known about Cohen, but was everyone at Gloria Wise in on it and if not why were they not raising hell? The board of Gloria Wise should have brought this into the light months ago when they started having serious financial problems. So why didn't they?

There is WAY more to this story than we have seen so far, and it's going to be fun watching Air Enron be forced to answer for this..................