Friday, February 6, 2009

Corporate CEOs Paying for Sex Using their Corporate Cards

I saw this video on ABC News. The segment is called "The Best Little Whorehouse on Wall Street". Click here for the video link.

According to the segment a lot of bankers and investment brokers were charging their bills to their corporate cards. Some would receive bills from DAVIS INVESTMENTS for "consulting fees" so that they could get them through the accounting department for payment. Ms. Davis told the network she disguised the charges in various ways so they would appear to be legitimate business expenses when accountants sifted through credit card statements. One CEO, she said, ordered her to send him invoices for "roof repair on a warehouse" to disguise the charge for prostitutes from corporate funds.

The owner, Kristin Davis, after having been laid off from a hedge fund, opened up a prostitution business and charged Wall Street CEOs, lawyers, bankers and media executives about $2000 per hour to "consult" with some of her girls. She had a custom database that recorded the names, credit card information and notes about each of her client. Here is some of the things that Ms. Davis' database included. ABC provided it and it is further reported by
  • a vice president of NBC Universal (owned by General Electric)
  • the part owner of a Major League Baseball team who "loves Kelsey"
  • the CEO of one of the country's largest private equity firms who met "Cameron" at the Peninsula Hotel
  • a major New York real estate developer who, according to the list, "will come to the door wearing women's panties"
  • a partner at the Wall Street law firm Cravath Swaine Moore "looking for a party girl to come fully equipped" and spent a total of $20,000
  • an investment banker from Lehman Brothers who saw "Kelsey and Keely together" and later saw "Aria and Skyler at the same time"
  • an investment banker at JP Morgan Securities who "loves Brooke" and spent $41,600
  • an investment banker at Goldman Sachs who "only wanted all-American girls" and spent $27,000
  • a managing director from Merrill Lynch who saw "Lana" using the name "Nataly"
  • a managing director from Deutsche Bank "who called about seeing Nataly again"
Additionally, she wanted to turn all of the evidence over to the New York District Attorney's office, but they refused to follow up on her allegations. Now, the office is denying Ms. Davis' claim.

Do you believe this? I wonder if the banks and corporations seeking bailout money will use it to pay the bills.

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