One of the biggest scandals in American politics is waiting to explode: the full story of the inside game in Washington shows how the permanent political class enriches itself at the expense of the rest of us. Insider trading is illegal on Wall Street, yet it is routine among members of Congress. Normal individuals cannot get in on IPOs at the asking price, but politicians do so routinely. The Obama administration has been able to funnel hundreds of millions of dollars to its supporters, ensuring yet more campaign donations. An entire class of investors now makes all of its profits based on influence and access in Washington. Peter Schweizer has doggedly researched through mountains of financial records, tracking complicated deals and stock trades back to the timing of briefings, votes on bills, and every other point of leverage for politicians in Washington. The result is a manifesto for revolution: the Permanent Political Class must go.
For the Palin Deranged, let it be known he has worked for her and shares her ideas so you may want to consult your Thought Police Manual before continuing…Thank you.
The Point is not that it’s the Democrats or The Republicans doing it, it’s both!
The fact is NEITHER of them should be doing it is the point!
Martha Stewart went to Jail for “insider trading”.
Congress does it as matter of course. It’s a normal part of the day. Nothing special.
Perfectly Legal. They wrote the laws that say so! 🙂
They get opportunities that would send us normal people to jail, they can do it with abandon.
It turns out that it is not illegal for member of Congress to make stock trades using inside information they learn while working on legislation.
So they can use, say, the passing of Health Care Laws to buy and selling stocks that would be effected by it to enrich themselves.
Or an earmark for a major road to be built conveniently near property you just bought.
They could get out of the Stock Market before it crashed in 2008.
You could buy IPOs not available to normal people (Nancy Pelosi).
Conflict of Interest is not illegal for Congress. Everyone else, yes, Congress, No.
Political Intelligence groups data mine and gather the non-public info in Congress and sell it to Wall Street so they can all make money.
Yes, that evil Wall Street that is so “evil” and so is the subject of so much hypocritical demonizing.
Thus you may surmise that a political opposition to Big Brother Obama was psychologically necessary in order to provide an internal enemy posing a threat to the rule of the Party; the constantly reiterated ritual of the Two Minutes Hate help ensure that popular support for and devotion towards Big Brother is continuous.
So it’s Orwell’s Hate Week is an event in George Orwell’s novel Nineteen Eighty-Four, designed to increase the hatred for the current enemy of the Party, as much as possible but now they have 24/7/365 newscasts and cable channels along with newspapers to keep it going ad infinitum!
But again, it’s Both Republicans and Democrats.
The Democrats tell the masses to hate Wall Street, but they are using Wall Street to get rich.
Rich people are evil.
Then they use info that would be a normal person a prison sentence to get rich.
They are the Political and Economic Elite.
They are in fact, the very thing they are saying is evil and that the class warfare is supposed to be about but they have re-directed it.
Class Warfare is a fraud. It’s a Diversion. It’s an Orwellian Hate ploy.
Fascinating. Disgusting. And perfectly Legal, for them.
One set of rules for the Ruling Elite. One set of rules for the peasants.
Is that Democracy?
This is both Republicans and Democrats!
By the way: Mr. Warren “tax me more” ‘Darling of the Left’ Buffet is one of the major influences. Aw shucks…
One of the most damaging things reported by Schweizer is how Warren Buffett profited with millions from the government bailout programs he helped design. Wynton Hall, writing in Big Government says: In the wake of the $700 billion TARP bailout, Warren Buffett apparently shaped a plan to clean up toxic assets that Treasury Secretary Tim Geithner later adopted–resulting in massive profits for Buffett.
Buffett proposed something he called a “public-private partnership fund.” For every $10 billion the private sector invested, Buffett said the government should put up $40 billion.
As the political debates surrounding the proposed $700 billion TARP bailout bill heated up, Buffett maintained an appearance of naivete, an “aw shucks” shtick that deferred to the judgment of politicians. “I’m not brave enough to try to influence the Congress,” Buffett told the New York Times.
During the meeting, Buffett strongly urged Democratic members to pass the $700 billion TARP bill to avert what he warned would otherwise be “the biggest financial meltdown in American history.”
That soundbite sound familiar? 🙂
After Paulson’s exit, incoming Treasury Secretary Tim Geithner tweaked the plan and rolled it out in March 2009. But according to quarterly reports from Buffett’s holdings company, Berkshire Hathaway, between the time the billionaire crafted his plan and Geithner adopted it, Buffett quietly purchased 12.4 million shares of Wells Fargo stock and 1.5 million shares of U.S. Bancorp. Once the government unveiled its “Public-Private Investment Program,” bank stocks jumped, resulting in large profits for Buffett.
In September of 2008, Buffett invested $5 billion in the over-leveraged investment house of Goldman Sachs, having obtained impressive terms: Berkshire Hathaway would receive preferred stock with a 10% dividend yield, and the option to buy another $5 billion at $115 a share.
Buffett had a strong financial interest in the bailout’s passage, says Schweizer. “If the bailout went through, it would be a windfall for Goldman. If it failed, it would be disastrous for Berkshire Hathaway.”
Yet Buffett had little reason to worry; his insider political connections afforded him two guarantees. First, many members of Congress were themselves investing heavily in Berkshire Hathaway throughout the bailout talks–a move that may simply have been a good investment in an unsteady time, or else a shrewd exploitation of unique information. Senator Dick Durbin (D-IL), for example, snatched up $130,000 worth of Berkshire Hathaway stock. Senator Orrin Hatch (R-UT) also bought shares in Berkshire Hathaway, as did Senator Claire McCaskill (D-MO), who purchased half a million dollars’ worth just days after the Wall Street bailout bill was signed. Second, Buffett knew he had an ally in the surging Barack Obama. Buffett had backed Obama in 2008. And as Obama has himself conceded, “Warren Buffett is one of those people that I listen to.”
When the TARP bailout passed, Berkshire Hathaway firms received a staggering $95 billion in bailout cash from U.S. taxpayers. In total, TARP-assisted companies made up almost a third (30%) of Buffett’s entire publicly disclosed stock portfolio. The payoff: by July 2009, Buffett’s Goldman bet and his congressional jawboning had yielded profits as high as $3.7 billion.
Incredibly, in a breathtaking public relations move, Buffett publicly complained that the government bailouts had put his company at a disadvantage, because funders “who are using imaginative methods (or lobbying skills) to come under the government’s umbrella–have money costs that are minimal.” Rolfe Winkler of Reuters best captured Buffet’s audacity: “It takes chutzpah to lobby for bailouts, make trades seeking to profit from them, and then complain that those doing so put you at a disadvantage.”
Still, despite Buffett’s apparent, and brazen, display of crony capitalism and political manipulation to produce billions in profits, Schweizer says that the most egregious part is that his behavior appears to have been entirely legal. Buffett merely leveraged his unique and powerful political connections to turn taxpayer money into massive private profits.
Now, with the 2012 presidential election right around the corner, Buffett plans to back President Obama again. In August 2011, the two men vacationed together in the plush surroundings of Martha’s Vineyard. Shortly thereafter, Buffett hosted an Obama fundraiser in New York City where contributors spent $35,800 for VIP tickets and the chance to discuss the economy with the Berkshire Hathaway CEO.
If Buffett’s political track record is any indication, his time spent alongside President Obama was an investment intended to yield a high rate of return–at taxpayers’ expense. (Big Government.com)
Aw shucks, Tax me More Warren is part of the disease, what a shock. And of Course, Obama has his ‘full support’ $$$$
In January, Obama specifically said, “But at a time when our discourse has become so sharply polarized – at a time when we are far too eager to lay the blame for all that ails the world at the feet of those who think differently than we do – it’s important for us to pause for a moment and make sure that we are talking with each other in a way that heals, not a way that wounds.”
We were told to change our rhetoric, to have a new “tone” of civility free of violent references.
Fast forward to now, and Obama’s Vice President Joe Biden, is telling unions they “fired the first shot” at a campaign events.
“Folks, you fired the first shot. It’s not about Barack Obama. It’s not about Joe Biden. It’s about whether middle-class people are going to be put back in the saddle again – because you are the people who make this country move,” Vice President Joe Biden said at a campaign event in Ohio today.
Thanks for leading by example, Biden.
But then again, The Unions are the Brownshirts, the army of this Adminstration and as has been chronicled in this blog many times, the incestuous $$ partners of Democrats.
So the Circle of Sleeze continues. But don’t worry, it’s <fill in the blank>’s Fault! 🙂
Pay no attention to the men behind the curtain…