Firm tied to Stacey Abrams dumped liabilities on US taxpayers, and she cleaned up financially

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ATLANTA, GA- Crying about voter suppression is a pretty good business if you can make it work. For Stacey Abrams (D-GA), who still has not conceded the 2018 Georgia gubernatorial race, it has paid of handsomely…literally.

According to Conservative Playlist, her net worth has exploded by over 2,800% in just three years. That windfall has come courtesy of a company called Now Corp, previously referred to as NowAccount or “Now,” according to a Government Accountability Institute (GAI) study.

For example, way back in 2018, Abrams had a reported net worth of around $109,000 according to her financial disclosures filed ahead of her failed 2018 Georgia election.

Now reports are that as she heads into the 2022 Georgia gubernatorial race, her campaign filings show her net worth is now a cool $3.17 million, give or take. That includes some $6 million in book advances, speaking deals and growing corporate investments such as NowAccount. It’s unknown if she makes any money to hock Jenny Craig or WW.

Abrams founded NowAccount, a financial technology startup in 2010 with two business partners, Laura Hodgson and John Hayes. Sources show the business started off rather slowly, however NowAccount was able to pony up $80,000 in salary for Abrams in the first year as senior vice president and $60,000 per annum in subsequent years.

According to sources, Abrams’ company saw income of only $100,000 in annual revenue, but courtesy of a federal small business loan program overseen by the state of Georgia, the company soon realized the ability to hand out nearly $10 million in taxpayer funds to its network of applicants.

By 2016 however, NowAccount’s applicants were defaulting on their loans and taxpayers were left on the hook for over $1.5 million in bad loans.

Fast forward to 2018, the year Abrams lost her bid for governor, she was paid $300,000, a stunning increase, according to financial disclosures.

In 2021, the company’s value spiked after a $29 million financing and investment deal her company made with two private equity firms, Conservative Playlist said. Just weeks after the $29 million windfall, Abrams announced her 2022 bid for governor.

Abrams served as the minority leader of the Georgia House from 2011 until she resigned in 2018 ahead of her run for governor. Her receipt of federally backed state contracts as she held high-level positions in the Georgia state legislature raised a number of questions, and Abrams was sharply criticized for the apparent conflict of interest.

At the time, Abrams told the Atlanta Journal-Constitution that she “played no role in securing the state contracts” for NowAccount and claimed she “scrupulously avoided conflicts of interest,” the outlet reported in 2018.

It was Abrams’ idea to apply for taxpayer funding under the 2010 Jobs Act.

“I read the Jobs Act,” Abrams said. “I brought the provision to” NowAccount’s cofounders. Abrams knew that her role as minority leader of the Georgia House could pose a conflict, ,so she claimed to have “talked about it” with the company’s cofounders and said, “Here’s what we can to,” however allegedly claimed that she “did not want there to be any conflict at all.”

Georgia of course was the scene of a bit of election night shenanigans in 2020, and one of the firms associated with Abrams’ company, Happy Faces Personnel Group, Inc. apparently was up to their eyeballs in it. That company was the election night staffing firm hired to scan and count ballots in Fulton County, which includes Atlanta, on election night, November 3, 2020.

A 29-page witness report by election observer Carter Jones claims that Happy Faces “presided over a massive chain of custody problem” when absentee ballots tarted to come “in rolling bins 2k at a time” rather than “in numbered, sealed boxes to protect [the ballots].”

That observer, Carter Jones was hired by the Georgia Secretary of State’s office to report on any irregularities relative to voting or counting ballots. He said he was stunned when he found out that one employee of Happy Faces said his election night intention was to “f-ck sh-t up.”

While Happy Faces has denied engaging in any type of financial relationship with NowAccount, financial records indicate otherwise, showing that NowAccount was listed as a “secured party” for Happy Faces.

Sources indicate that the Jobs Program was facilitated under the auspices of the Georgia Department of Community Affairs (DCA). According to a spokesman for DCA, there were public hearings and the agency allegedly sought input from professionals “who could help deploy the federal funds to small businesses.”

“At no time did Stacey Abrams participate in any meetings or discussions with DCA about NowAccount,” according to DCA. That aside, NowAccount was ostensibly the only private lender that “showed interest,” with the company being specifically named in the Georgia application for U.S. Treasury Department funds.

While the state of Georgia ultimately received $48 million in funds from the federal program, including $10 million for credit guarantees, NowAccount’s network of applicants received $9.1 billion, or 90% of those funds.

However by 2016, the DCA was apparently growing tired of the NowAccount contract, which held the DCA to a five-day approval window whereby after five days the loans would be approved. During a meeting with Abrams’ and Hodgson’s cofounder John Hayes, the DCA’s deputy director complained about the growing backlog of applications from NowAccount’s clients.

“While our backlog is unacceptable, it is still necessary that we approve the loans they make,” the DCA deputy wrote in an email. He noted that Hayes “sees things differently and acts entitled to these funds, which may play an important role in the business model.”

The DCA deputy noted that Hayes “advanced several challenging points of view, as well as threats to engage the legislature, his high-profile board, and his attorneys.”

Moreover, the DCA deputy actually used Abrams’ name as a means of issuing a warning to his colleagues about the NowAccount “headache,” warning that they “should be aware that Stacey Abrams is a co-founder and SVP in the company.”

While NowAccount appeared to have some political influence in Georgia, it has no such sway in other states which is why according to Abrams’ cofounder the company was “never successful in getting other states to adopt a Georgia-like program.”

Abrams’ company also apparently had bad judgment when it came to recommending companies for loans, according to public records and DCA emails. One company in fact hat multiple tax liens and an open court judgment.

“This loan is a classic example of files we received that are incomplete,” one DCA email says. “You can see that once the business owner was asked for proof of payment, he withdrew the loan.” The email continued that the DCA “spent valuable time with research and internal documentation on a loan that was obviously not eligible to begin with.”

With a tight timeline with which to approve or deny loans to NowAccount’s applicants, the DCA made a number of questionable loans to companies unable to pay them back, with taxpayers left holding the bag. In sum, the total losses suffered by Abrams’ NowAccount network surpassed $1.5 million.

Once word got out that taxpayers had bailed out NowAccount’s clients, Abrams claimed that she had allegedly “walled myself off” from NowAccount’s operations.

In another “odd” twist, Abrams’ name mysteriously disappeared from the “About Us” tab on NowAccount’s website, which describes the beginnings of the company, where she had previously been listed as Senior Vice President. Her name was removed sometime before June 20, 2016.

However the GAI investigation found that despite claiming she “wall[ed herself] off,” Abrams in fact was intimately involved in the scheme to use the federal program to benefit NOW (which Abrams previously admitted).

Prior to her doomed run for Georgia governor in 2018, Abrams had a small retirement account of under $5,000 and a load of IRS debt, student loans and credit card debt. In a miracle, Abrams has now paid off all her debts, accumulated a retirement nest egg of more than $725,000 in stocks and bonds, and more than $3 million in personal net worth.

https://fundourpolice.com/

For more on the unhinged lunatic that is Stacey Abrams, we invite you to:

DIG DEEPER

During a recent episode of MSNBC’s “The ReidOut” that aired on April 22nd, former politician and Democratic activist Stacey Abrams inferred that voters should align themselves with Democratic politicians when at the ballot box, due to her alleging that Republicans “will not stop men from murdering women of color.”

Abrams made this claim, among a litany of other strange proclamations, by making mention of generalized perceived issues and specified incidents and then tying them to elected officials within the Republican party.

Abrams spoke to address present vulnerabilities in the voting process, and characterizing the recently enacted legislation as some nefarious plot by Republicans to enable voter suppression aimed at minority communities:

“What we saw happen in Georgia in 2020 and again in 2021 has, indeed, led to hysteria from Republicans. But the reaction should not be to hold on to power by diminishing the power of citizenship.

“It should be, ‘Let us evaluate our policies and do our best to convince these voters that they can join us.’ Voters of color are just like any other voter. We will pick the people who will represent us best and deliver for our needs.

“What we have failed to see from Republicans is a willingness to confront that reality and adjust accordingly. So instead, we are seeing voter suppression, which is the coward’s tactic when it comes to winning elections.”

The MSNBC show host, Joy Reid, then made reference to the spa shootings that transpired in the Atlanta area as well as instances of “police brutality,” asking Abrams the following:

“We’ve seen, you know, the Asian American community suffer this horrific attack. You know, obviously, we’ve seen ongoing police brutality issues. There are still cases that are open there.”

“These communities are facing these multiple stressors, right? I’m wondering how you think that winds up intersecting as people like you from Fair Fight and others are coming back and saying to get into the political process?”

Abrams then responded, highlighting that somehow elected officials bear some level of responsibility in the Atlanta spa murders, alleging that if certain officials are in office that it somehow enables or tacitly approves of minority women getting murdered by men:

“One of the most important ways to engage voters, there’s absolutely the responsibility of registration, but it is connecting the dots. It is making certain as we saw with these horrific murders that if we do not have the right people in power, then they will not stop men from murdering women of color.”

For the record, murder is most definitely already illegal in Georgia.

This notion was carried on by Abrams, further alleging that essentially Republicans aren’t taking steps to protect the environment or seem content with instances of police officers committing crime:

“If we do not have the right people in power, they will not take action to protect our environment. If we do not have the right people in power, district attorneys will not charge, and police officers will be left to immunize themselves from accountability for their actions.”

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LET Unity

The state of Georgia has been a hotspot as of late for political bickering, where issues related to the recent enacted voting law have managed to result in at least one Democratic representative being arrested for attempting to interrupt the signing of the bill.

Here’s that previous report from earlier in April.

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ATLANTA, GA– According to authorities, a Georgia lawmaker who was arrested after she tried to interrupt Governor Brian Kemp’s (R) signing of a new controversial voting law, could end up facing eight years in prison.

On March 25th, Kemp signed Georgia Senate Bill 202 into law in a ceremony with press and supporters of the bill both in attendance.

On the day of the signing, Georgia representative Park Cannon (D) was arrested after she knocked on the door to the governor’s office while he was delivering his remarks post-signing.

According to, Georgia State Patrol, Cannon was told by officers to stop knocking on the door because of the press conference going on inside and that if she wouldn’t, she would be placed under arrest for obstruction.

Video shows another attempt by Cannon to knock on the door and the officers telling her she was under arrest.

She is then seen taken out of the Capitol and later brought to the Union City Jail where she was charged with obstruction of law enforcement and preventing or disrupting General Assembly sessions or other meetings.

According to a representative for Cannon, she was granted a signature bond and was later released from jail. Sen. Raphael Warnock joined a crowd of supporters at her release and defended her as “an outstanding public servant.”

Attorney Gerald Griggs, who also spoke the jail as Cannon was release, is now representing her and is vowing to “vigorously defend against” the charges. Cannon told reporters:

“I am not afraid to admit that I was afraid of what might happen.”

Both charges are felonies and if convicted, carry a sentence of up to eight years in prison. Her team has announced the establishment of a crowdfunding campaign to support her legal defense. She said:

“As difficult as it is to acknowledge that I am facing eight years on unfounded charges, I believe the governor’s signing into law the most comprehensive voter suppression bill in the country is a far more serious crime.”

She added that being arrested at the governor’s door was “both physically and emotionally” painful. She said:

“The issue at hand: voter suppression in Georgia is alive today, on the first day of April. He has erased decades of sacrifices, incalculable hours of work, marches, prayers, tears even, and as he minimized the deaths of thousands who had paid the ultimate price for the right to vote.”

This is not the first time Cannon has been involved in an exchange at the Capitol. Allegedly a month or so back she was confronted by a Georgia State Patrol trooper during a spontaneous protest against the election measures.

She put her head in front of the bullhorn that a state trooper was using to have the crowd disperse and caused the amplification to feed back into a screech. Another trooper grabbed her by her elbow, encouraging her to move away.

Cannon protested the physical contact and then confronted the trooper regarding the statute he had cited, pointing out that the House was not in session at that moment. She said:

“Session is adjourned, so there is no disrupting of the session. Session is over! That is why all the members are out!”

Cannon said that she wanted a public apology from the trooper who grabbed her by her elbow and she declined to offer a private conversation of the matter. There were no arrests from that incident.

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