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Sirius XM Holdings Inc. Message Board

  • frankn.beene frankn.beene Jun 17, 2008 4:29 PM Flag

    A Very Sirius Conflict Of Interest?: What you don't know about the hearings

    Is this market moving?:

    "Shocking details of a possible conflict of interest have come out just as the XM-Sirius Satellite Radio merger draws closer than it has ever been to being passed. Eyebrows were raised when an unrelated article from the Boston Globe profiled a local business woman, Yovette Mumford, who was involved in a number of lawsuits. Mumford happens to be connected to one of the most influential members in the House Telecommunications & Internet Subcommittee. Her former brother in law, Ed Markey (D-Mass.), heads the committee which is overseeing the XM - Sirius Satellite Radio hearings.

    The Boston Globe first questioned an $11.7 million loan granted to Markey's former sister in law during her purchase of the most prized property in all of Boston, the Yacht Haven Marina. "How does someone with a record like Mumford's turn up in a deal like this?" Even the local bank which was involved said "That is a big loan for us".

    Mumford, who also goes by Yovette Markey depending on who she is dealing with, has had a checkered past to say the least. There was the notorious multimillion dollar Big-Dig contract that she was somehow able to miraculously secure. In 2003, Mumford pleaded guilty to fraud relating to her lucrative Big-Dig contract and was sentenced to 3 years probation. In 2007, a grand jury issued an eight count indictment charging Markey with forgery relating to the Big-Dig. This however was not the first time that Yovette Mumford was faced charges of forgery.

    Yovette Mumford, Ed Markey's former sister in law, was one of the people who invested in the 1990's start-up company Satellite Radio CD which would eventually grow into the multi-billion dollar company Sirius Satellite Radio Inc(NASDAQ:SIRI). In 2000, she was found guilty of fraud and forgery relating to her investments made in the small comapany which eventually grew into the multi billion dollar Sirius Satellite Radio. "In a 1999 affidavit, Martine Rothblatt, Satellite CD's founder, said a series of letters purportedly written by her to Mumford were bogus. Those letters discussed Mumford's investments in the company and its subsequent problems. Only one of the eight letters was authentic, Rothblatt said. "The other letters were not signed or written by me, nor sent with my authority," said Rothblatt, who was previously known as Martin Rothblatt before she changed her gender."

    The Boston Globe raises many important questions about Mumford; How did a woman with a checkered past that includes a conviction for Big Dig fraud, corporate bankruptcies, bounced checks, and forgery, win and finance the $11.7 million purchase of one of the waterfront's most glamorous properties? The one question that The Boston Globe fails to raise is if there is a conflict of interest for Yovette Mumfords former brother in law, Ed Markey, to be heading the commitee which is overseeing the XM-Sirius merger?"

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