Asa Hutchinson spins revolving-door wheel of fortune

Here's an interesting item:

Asa Hutchinson, the Republican candidate for governor [of Arkansas], has turned $2,800 into $1 million as a founding shareholder in a company that went public with no revenues, products or employees — but with a stock offering that promised lavish profits for insiders risking tiny sums.

As a "blank-check" company, Fortress America Acquisition Corp.'s only business plan was to find and buy an unspecified company doing business in some aspect of homeland security. In the wake of an initial public offering that raised $42 million, Fortress America announced its acquisition Tuesday.

Hutchinson, you may recall, was an undersecretary at the Department of Homeland Security, former head of the DEA, and a former U.S. Representative. Other investors include a former U.S. Representative and a former Senator, and former CIA Director James Woolsey.

(You may also recall that Asa Hutchinson was a House Manager for the Clinton impeachment, which stemmed from the Whitewater investigation into Hillary Clinton's investments.)

But wait, there's more:

...he overlooked his Fortress America holdings on the financial-disclosure form he is required to file as a gubernatorial candidate. On the form, filed May 4, Hutchinson listed his stock and options in two other companies, and even disclosed bank and credit-union accounts with balances under $ 1,000. He said he forgot to list his 200,000 shares in Fortress America.

“Just totally an oversight,” Hutchinson said Tuesday.

What we need is just totally some oversight of these revolving-door deals. At any rate, Hillary Clinton should get investing advice from Hutchinson. Not only might she actually make some real money, she might not even get investigated.

(Article by way of a Daily Kos Diary.)