WSJ: Weisel's Double Dealing

[DirtyWorks]

The way the Wall Street Journal portrays the head of USAC, Weisel is using USAC as a way to generate personal gain. The low-end donation for wealthy cycling enthusiasts contribute to USACDF.

Wealthy cycling enthusiasts who were ready to commit USD$ 2.5 million got a chance to invest in Tailwind Sports. The WSJ article suggests the goal is/was to use USAC to develop talent for his privately held Tailwind Sports interests.

The question then becomes, how many other deals does he make where USAC is the lever he's using to enrich himself? For example, what kind of money does he stand to personally make from the Tour De Sandwich in Colorado? How much did he clear with Lance's appearances at the Tour of California?

 

[boardhanger]

The way the Wall Street Journal portrays the head of USAC, Weisel is using USAC as a way to generate personal gain. The low-end donation for wealthy cycling enthusiasts contribute to USACDF.

Wealthy cycling enthusiasts who were ready to commit USD$ 2.5 million got a chance to invest in Tailwind Sports. The WSJ article suggests the goal is/was to use USAC to develop talent for his privately held Tailwind Sports interests.

The question then becomes, how many other deals does he make where USAC is the lever he's using to enrich himself? For example, what kind of money does he stand to personally make from the Tour De Sandwich in Colorado? How much did he clear with Lance's appearances at the Tour of California?

If he's in cycling to make $$ MONEY $$ he hasn't a chance.I believe every investor was losing between $250,000 -$1Million per year with Tailwind inc.

 

[Race Radio]

The way the Wall Street Journal portrays the head of USAC, Weisel is using USAC as a way to generate personal gain. The low-end donation for wealthy cycling enthusiasts contribute to USACDF.

Wealthy cycling enthusiasts who were ready to commit USD$ 2.5 million got a chance to invest in Tailwind Sports. The WSJ article suggests the goal is/was to use USAC to develop talent for his privately held Tailwind Sports interests.

The question then becomes, how many other deals does he make where USAC is the lever he's using to enrich himself? For example, what kind of money does he stand to personally make from the Tour De Sandwich in Colorado? How much did he clear with Lance's appearances at the Tour of California?

Weisel and USA cycling have a long history of conflicts
http://www.sfweekly.com/2005-09-07/news/tour-de-farce/

 

[jmax22]

The way the Wall Street Journal portrays the head of USAC, Weisel is using USAC as a way to generate personal gain. The question then becomes, how many other deals does he make where USAC is the lever he's using to enrich himself? California?

Let's not forget that Thomas Wesiel Partners Group is also the investment broker for USAC, so he stands to gain quite a bit of revenue from USAC in that sense as well.

 

[TexPat]

Sorry to be pedantic, but it's W-e-a-s-e-l.
Oh, wait a minute...

 

[Oldman]

Let's not forget that Thomas Wesiel Partners Group is also the investment broker for USAC, so he stands to gain quite a bit of revenue from USAC in that sense as well.

Weisel already had his money and he and his investor buddies sought what everyone that's made an easy score wants: a credible identity. I raced against him and his teammates and his version of "sports" matched the NFL model: hire the best to make the team the best reflection of him as Patron. Think Jerry Jones prancing around the sidelines of a Cowboy's game with a fresh face-lift. Weisel managed to convince some real pedigreed riders to participate in his Master's team until some became disenchanted (aware) of the rules of his game. Weisel just wanted to be a stud among studs and surrounded himself with those that reinforced his self-aggrandizing stature. There is nothing wrong with this as long as you don't manipulate everything around you to sustain that illusion. He was clearly drinking his own Kool-aid.

 

[Beech Mtn]

Weisel already had his money and he and his investor buddies sought what everyone that's made an easy score wants: a credible identity. I raced against him and his teammates and his version of "sports" matched the NFL model: hire the best to make the team the best reflection of him as Patron. Think Jerry Jones prancing around the sidelines of a Cowboy's game with a fresh face-lift. Weisel managed to convince some real pedigreed riders to participate in his Master's team until some became disenchanted (aware) of the rules of his game. Weisel just wanted to be a stud among studs and surrounded himself with those that reinforced his self-aggrandizing stature. There is nothing wrong with this as long as you don't manipulate everything around you to sustain that illusion. He was clearly drinking his own Kool-aid.

Sounds similar to the strategy employed by Lance when hiring riders for his TdF teams.

 

[boardhanger]

Yes huge similarities with Weisel and USPostal/Discovery. Buy up the talent strangle the race at all costs. Deflect the accusations and feed the press its because we're Americans and the french no like us patriotic propaganda bull**** for every accusation. Then smear the Americans who did come forward as untrustworthly etc....big law suits smacked upon them. They had a strangle hold for too long.

 

[TERMINATOR]

If he's in cycling to make $$ MONEY $$ he hasn't a chance.I believe every investor was losing between $250,000 -$1Million per year with Tailwind inc.

Yes, Weisel is an investment banker, which means he defrauds others of their money based on false pretense, and then walks away with a boatload of money.

Weisel has been sued several times for doing this and Steve Johnson at USA Cycling is his bagman in Colorado Springs.

So, yes, all the other investors lost between $250,000 - $1 million...not the Weasel.

 

[runninboy]

Let's not forget that Thomas Wesiel Partners Group is also the investment broker for USAC, so he stands to gain quite a bit of revenue from USAC in that sense as well.

that was always a problem for me with USCF/USAC basically steal a little money from alot of sources, and then give it to a chosen few. Except who decides who is gonna get the money & why? and of course if you have a contract with the federation you have a guaranteed revenue stream.

I come from a family of lawyers and it was interesting to learn that many times changing the status quo is instigated by lawyers who want access to contracts. Changing of school districts for example, or having a part of a CIty secede and form its own City. The new City will generate a tremendous revenue stream for lawyers involved in negotiating contracts for the new entity.
When i see who handles all the money that flows through USAC i know they are not altruistic

 

[Oldman]

Yes, Weisel is an investment banker, which means he defrauds others of their money based on false pretense, and then walks away with a boatload of money.

Weisel has been sued several times for doing this and Steve Johnson at USA Cycling is his bagman in Colorado Springs.

So, yes, all the other investors lost between $250,000 - $1 million...not the Weasel.

I'm counting on the combined ****offedness of some powerful, politically connected former investors to see some wrongs set to right. Anyone doubting Novitsky's budgetary license to pursue all angles only needs to consider that Balco+Madoff=major political points.

 

[Alpe d'Huez]

Sounds similar to the strategy employed by Lance when hiring riders for his TdF teams.

Or Michael Ball.

Interesting how much these guys have in common with the whole corporate american mantra that greed is good, make as much money as possible at everyone else expense, it's only illegal if you get caught, etc., all under the guise of "competition."

I guess that's why we're reading it in the WSJ. The reporters there are likely quite experienced in seeing this type of behavior over the last several years.

 

[DirtyWorks]

Update

I'm reviving an old thread with the Sports Illustrated information.

Based on the documents attached to that story, the scam Weisel is definitely running is using USAC member funds to enrich themselves. USAC members develop the racer into a UCI-capable racer, then Weisel, Stapleton and Co skim revenue off the top of the team to whom the racer is employed. I suspected as much. Now there's proof.

If the Tailwind principals pay a domestic rider, it generates revenue for Tailwind principals. Tailwind ALWAYS gets first bite of the sponsorship dollars before they pass to the team/riders. I'm too lazy to do the math, but of the $30 million spent by USPS, I wonder how much Tailwind principals kept?

 

[Oldman]

I'm reviving an old thread with the Sports Illustrated information.

Based on the documents attached to that story, the scam Weisel is definitely running is using USAC member funds to enrich themselves. USAC members develop the racer into a UCI-capable racer, then Weisel, Stapleton and Co skim revenue off the top of the team to whom the racer is employed. I suspected as much. Now there's proof.

If the Tailwind principals pay a domestic rider, it generates revenue for Tailwind principals. Tailwind ALWAYS gets first bite of the sponsorship dollars before they pass to the team/riders. I'm too lazy to do the math, but of the $30 million spent by USPS, I wonder how much Tailwind principals kept?

I could wager it would be less than 10% or it would be noticable on audit. I'm sure the hope was it would grow into something larger or that was how it was sold to Ochowicz, Johnson and the other smaller fish who needed to be kept in line and protect "trade secrets". Tying them into the bigger lie is a good guarantee of mutual destruction and a good corporate ploy. Weisel knows his business and while all of the small fry were occupied with this small time deal it would open doors to control bigger things like an attempt to take over ASO. Why worry about a team when you can go to the top and own the sport? Unfortunately the franchise player began to show some weakness and we get to the current state of affairs. Weisel had planned his financial coverage but probably didn't count on the magnitude of upcoming collatoral damage, and by collatoral I don't mean money.