David Stockman Charged With Fraud

The AP reports:

David Stockman, a former top budget official in the Reagan White House, and three others were charged today in an alleged securities fraud conspiracy that embroiled one of North America’s largest auto parts companies before the supplier collapsed into bankruptcy.

Stockman was the former chairman and CEO of Michigan-based Collins & Aikman Corp. He had previously served as budget director under President Reagan in the 1980s and had been a former Republican congressman.


An indictment unsealed in U.S. District Court in Manhattan charged Stockman and three others with conspiracy to commit securities fraud, making false statements in annual and quarterly reports, making false entries in books and records, lying to auditors as well as committing bank fraud, wire fraud and obstruction of an agency proceeding.

No word yet from Democrats on whether the Bush Administration is playing politics here.