Have y’all noticed the emerging liberal media spin on the opposition to US military intervention in Syria where the mediots insinuate or outright say that the reason most Americans aren’t behind us taking direct action there is due to the “deception over Iraq” – translation: Blame Bush? Of course, liberal politicos like Nancy Pelosi have repeated this talking point over and over again, and even former British Prime Minister Tony Blair, our staunchest ally during the Iraq war, has said more or less the same. But the media picking up with it and running with it as if its an unassailable assertion is a prime example of much of what is wrong with the US media today.
Is America war-weary? Absolutely. Between Afghanistan and Iraq, the American people are tired of seeing their sons and daughters come home with life-altering injuries, or in body bags, are tired of hearing about how the murders of innocents by jihadis are continuing in both Iraq and Afghanistan, NOT exactly what we signed on for when we went to war in both countries. Are some Americans understandably skeptical about the rationale given by the administration and their allies to date on why we “must” intervene in Syria, considering the massive stockpiles of WMD we thought were in Iraq that were never found there? Yes. Are these the only considerations the American people are taking when it comes to determining whether or not to support action in Syria? No.
The real issue here is not weariness and skepticism due to Iraq. It’s the fact that our celebrity President, the supposed “greatest speech-giver evahh!!!!” hasn’t made a convincing case to date on Syria action, nor have the doves-turned-hawks in his party, nor have his adoring press. Why do you think he’s going before the American people next week? Because the communications/PR effort on this issue has been a disaster from the get-go, and this administration knows it. And they also know the more information that comes out about the Christian-hating jihadi “rebel forces” who oppose Assad, the likelihood that the opposition to using force in Syria will continue to grow.
Insider trading is illegal — except for members of Congress. A Wall Street executive who buys or sells stock based on insider information would face a Securities and Exchange Commission investigation and quite possibly a federal prosecutor. But senators and congressmen are free to legally trade stock based on nonpublic information they have obtained through their official positions as elected officials — and they do so on a regular basis.
On Sunday night, CBS News’ “60 Minutes” looked into this form of “lawful graft.” The “60 Minutes” story exposed, among others, then-House Speaker Nancy Pelosi for participating in a lucrative initial public offering from Visa in 2008 that was not available to the general public, just as a troublesome piece of legislation that would have hurt credit card companies began making its way through the House (the bill never made it to the floor). And it showed how during the 2008 financial crisis, Rep. Spencer Bachus (R-Ala.) — then-ranking Republican on the House Financial Services Committee — aggressively bought stock options based on apocalyptic briefings he had received the day before from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson.
The report was based on an explosive new book by Peter Schweizer that will hit stores on Tuesday. It’s called “Throw Them All Out: How Politicians and Their Friends Get Rich off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of Us to Prison.” (Full disclosure: Schweizer is a close friend, a former White House colleague and my business partner in a speechwriting firm, Oval Office Writers.
The “60 Minutes” story only scratches the surface of what Schweizer has uncovered. For example, Bachus was not the only member of Congress trading on nonpublic information during the financial crisis. On Sept. 16, 2008, Schweizer writes, Paulson and Bernanke held a “terrifying” closed-door meeting with congressional leaders. “The next day Congressman Jim Moran, Democrat of Virginia, a member of the Appropriations Committee, dumped his shares in ninety different companies . . . [his] most active trading day of the year.”
Rep. Shelley Capito (R-W.Va.) and her husband “dumped between $100,000 and $250,000 in Citigroup stock the day after the briefing,” Schweizer writes, and “at least ten U.S. senators, including John Kerry, Sheldon Whitehouse, and Dick Durbin, traded stock or mutual funds related to the financial industry the following day.” Durbin, Schweizer says, “attended that September 16 briefing with Paulson and Bernanke. He sold off $73,715 in stock funds the next day. Following the next terrifying closed-door briefing, on September 18, he dumped another $42,000 in stock. By doing so, Durbin joined some colleagues in saving themselves from the sizable losses that less-connected investors would experience.” Some members even made gains on their trades, at a time when ordinary Americans without insider knowledge were seeing their life savings evaporate.
Schweizer also documents numerous examples of how members of Congress of both parties — including Pelosi, Senate Majority Leader Harry Reid and former House speaker Dennis Hastert — have used federal earmarks to enhance the value of their own real estate holdings. They have done so, Schweizer shows, by extending a light-rail mass transit line near their property, expanding an airport, cleaning up a nearby shoreline, building roads and bridges, and beautifying land and neighborhoods nearby — in each case “substantially increasing values and the net worth of our elected officials, courtesy of taxpayer money.”
Perhaps the most disturbing revelations come from Schweizer’s investigation into the Obama Energy Department and its infamous “green energy” loan guarantee and grant programs, a program Schweizer calls “the greatest — and most expensive — example of crony capitalism in American history.” The scandal surrounding Solyndra — the now-bankrupt, Obama-connected solar power company that received a federally guaranteed loan of $573 million — is well known. But Solyndra, Schweizer says, is only the tip of the iceberg. According to his research, at least 10 members of President Obama’s campaign finance committee and more than a dozen of his campaign bundlers were big winners in getting tax dollars from these programs. One chart in the book details how the 10 finance committee members collectively raised $457,834, and were in turn approved for grants or loans of nearly $11.4 billion — quite a return on their investment.
In the loan-guarantee program alone, Schweizer writes, “$16.4 billion of the $20.5 billion in loans granted went to companies either run by or primarily owned by Obama financial backers — individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” That is a staggering 71 percent of the loan money.
Schweizer cites example after example of companies that received grants or loans and documents their financial connections to the Obama campaign and the Democratic Party. And he shows how “the [Energy] department’s loan and grant programs are run by partisans who were responsible for raising money during the Obama campaign from the same people who later came to seek government loans and grants.”
There is much, much more, which means that when Schweizer’s book hits stores Tuesday, heads in Washington are going to explode.
- Huge House majority backs insider trading ban (tarpon.wordpress.com)
- Throw Them All Out: An Interview with Peter Schweizer (fool.com)
- Throw Them All Out: An Interview with Peter Schweizer (dailyfinance.com)
Now that 60 Minutes has done a report on Congressional Insider Trading, the whole country is buzzing about their financial holdings.
Source – Money Game
- ’60 Minutes’ Blows The Lid Off Congressional Insider Trading (businessinsider.com)
- Congressional Insider Trading Gone Wild (zerohedge.com)
by Ed Morrissey
As Tina wrote yesterday, Americans still favor government subsidies to companies unable to otherwise compete in the green-tech industry. That may be especially true of Nancy Pelosi and her family, but not exactly for reasons of environmental improvement. Let’s start with this report from The Hill, via Gateway Pundit and Instapundit, on the latest approved green-tech loan from the Department of Energy:
DOE announced a $737 million loan guarantee to help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve.
The Energy Department said the project will result in 600 construction jobs and 45 permanent jobs.
Forty-five permanent jobs? That puts the cost per permanent job at over $16 million, a figure that could employ perhaps a hundred people had the capital remained in the hands of the private sector that produced it. Whatever else these green-tech loans are, they certainly are not job-creation stimulus.
But that’s not the best part. As both Gateway Pundit and American Glob discover, one of SolarReserve’s “investment partners” is Pacific Corporate Group, through its Clean Energy and Technology Fund. And PCG’s executive director is Ron Pelosi — brother of Nancy Pelosi’s husband. Suddenly, this deal makes a lot more sense than spending $737 million for forty-five jobs.
This surely is just a coincidence … in the same way that the push by the Obama administration to approve a loan to a failing Solyndra backed by one of his big campaign bundlers was just a coincidence. Recall Reason TV’s excellent video yesterday on the urban-renewal movement, in which governments seized property ostensibly to improve neighborhoods but parsed out the spoils to the politically connected ? That’s exactly what’s going on with this program, and with Barack Obama’s demands for more blank checks for stimulus. The only thing Obama’s stimulating is the pockets of his cronies.
- Obama Continues to Flush Taxpayers Money on Boondoogles (fellowshipofminds.wordpress.com)
- Energy Department approves $737 million solar loan guarantee (xoutsocialism.wordpress.com)
- “Insanity: doing the same thing over and over again and expecting different results.” (oforchristsakes.wordpress.com)
- Energy Department approves $737 million solar loan guarantee – The Hill’s E2-Wire (mbcalyn.wordpress.com)
- U.S. finalizes loan aid for two solar plants (news.cnet.com)
- “Green jobs” – @ about $20million per… (junksciencesidebar.com)
- Obama admin approves 2 solar loans worth $1B (sfgate.com)