Congress's Phony Insider-Trading Reform... Obama denounces Senate vote to block Cordray at consumer watchdog agency... Walker signs 'castle doctrine' bill, other measures... Holder faces House Republicans over health-care law, ‘Fast and Furious’... Postal workers behaving badly!... The supercommittee failed because Democrats insisted on $1 trillion in new taxes... Happy Thanksgiving!... Supercommittee announces failure in effort to tame debt... Happy Veterans Day to the brave men and women of the United States Armed Forces.... Dead federal retirees are paid $120 million annually, report says...
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When the people fear the government, there is tyranny; When the government fears the people, there is liberty.  ~ Thomas Jefferson

 

Entries Tagged as 'Congress'

Congress’s Phony Insider-Trading Reform

December 13th, 2011 · Congress, Corruption, Deception, Ethics, Greed

The denizens of Capitol Hill are remarkable investors. A new law meant to curb abuses would only make their shenanigans easier.

By JONATHAN MACEY

Members of Congress already get better health insurance and retirement benefits than other Americans. They are about to get better insider trading laws as well.

Several academic studies show that the investment portfolios of congressmen and senators consistently outperform stock indices like the Dow and the S&P 500, as well as the portfolios of virtually all professional investors. Congressmen do better to an extent that is statistically significant, according to studies including a 2004 article about “abnormal” Senate returns by Alan J. Ziobrowski, Ping Cheng, James W. Boyd and Brigitte J. Ziobrowski in the Journal of Financial and Qualitative Analysis. The authors published a similar study of the House this year.

Democrats’ portfolios outperform the market by a whopping 9%. Republicans do well, though not quite as well. And the trading is widespread, although a higher percentage of senators than representatives trade—which is not surprising because senators outperform the market by an astonishing 12% on an annual basis.

These results are not due to luck or the financial acumen of elected officials. They can be explained only by insider trading based on the nonpublic information that politicians obtain in the course of their official duties.

Strangely, while insider trading by corporate insiders has long been the white collar crime equivalent of a major felony, the Securities and Exchange Commission has determined that insider trading laws do not apply to members of Congress or their staff. That is because, according to the SEC at least, these public officials do not owe the same legal duty of confidentiality that makes insider trading illegal by nonpoliticians.

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Obama denounces Senate vote to block Cordray at consumer watchdog agency

December 10th, 2011 · Accountability, Congress, Deception, Dissention, Ethics, Federal Spending, Government, Non-Transparency, Obama Exposed, Obama Nominees, Obama's Scheme, Politics, Terrorism from Within

Reference: Issues concerning past Obama Nominees

By David Nakamura and Ylan Q. Mui, Published: December 8

An agitated President Obama accused congressional Republicans on Thursday of not standing up for ordinary Americans after the Senate derailed his nominee to head a new federal consumer protection agency.

At a brief news conference, the president charged that his Republican adversaries were not acting “on the level” after they blocked, by filibuster, his appointment of former Ohio attorney general Richard Cordray as director of the Consumer Financial Protection Bureau.

“This makes no sense,” Obama declared. “Consumers across the country understand part of the reason we got into the financial mess we did is because regulators are not doing their jobs.”

Two days after signaling that he would make economic inequality a central pillar of his reelection effort, Obama seized the opportunity Thursday to restate his argument that Republicans were not acting in the interest of middle-class Americans.

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Supercommittee announces failure in effort to tame debt

November 21st, 2011 · Accountability, Congress, Economy, Federal Spending, Finance, Greed, Money Lost, Money Matters, Non-Transparency, Obama Nominees, Obama's Scheme, Politics, Stimulus, Tax Dollars, Terrorism from Within

By Lori Montgomery and Paul Kane, Published: November 21

A special congressional committee created to try to curb the national debt abandoned its work and conceded failure Monday, the latest setback in a long effort by Washington to overcome ideological differences and stem the rising tide of red ink.

In a joint statement issued hours before a midnight deadline, the Democratic and Republican leaders of the panel said that they were “deeply disappointed” by their inability to reach an agreement and that they hope for progress in the months ahead.

supercommittee conceded defeat Monday in its quest to conquer a government debt that stands at a staggering $15 trillion, unable to overcome deep and enduring political divisions over taxes and spending. (Nov. 21)

“Despite our inability to bridge the committee’s significant differences, we end this process united in our belief that the nation’s fiscal crisis must be addressed and that we cannot leave it for the next generation to solve,” said the statement from Rep. Jeb Hensarling (R-Tex.) and Sen. Patty Murray (D-Wash.). “We remain hopeful that Congress can build on this committee’s work and can find a way to tackle this issue in a way that works for the American people and our economy.”

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U.S. Rep. Ribble moves out of District – A Democrat Move. Not illegal but defiantly WRONG

September 17th, 2011 · Corruption, Ethics, House, Republicans, Wisconsin

At least Kagen stood by his District.  You lost my Vote for re-election!

SHERWOOD — U.S. Rep. Reid Ribble confirmed reports Tuesday that he recently moved out of the 8th Congressional District and returned to his family’s three-bedroom home on Lake Winnebago in Sherwood, a house he left more than a year ago to challenge incumbent Democrat Steve Kagen in last fall’s midterm election.

Consequently, Ribble is no longer a voter in the district he represents in Congress. Ribble’s Sherwood home is in the 6th Congressional District, where Republican Tom Petri is the incumbent.

Ribble defended the move by asserting, “Northeast Wisconsin is my home and always will be.”

“I have a long and personal tie to the 8th District and assertions to challenge this are just ridiculous,” the Republican congressman wrote in a statement. “I grew up in Appleton, went to Appleton East High School and coached volleyball at Appleton East High School for over 20 years. My roofing business was located in Kaukauna and my wife’s longtime bookstore was also in Appleton.”

Amid reports he recently moved out of an apartment he had been renting in Lawrence in the 8th District, Ribble confirmed he intends to take his Sherwood residence off the sluggish housing market, where it had been on sale for nearly $600,000 as recently as last week, according to online real estate postings.

“My wife and I initially put our Sherwood house up for sale last year,” Ribble wrote. “With the listing contract coming to an end soon, the house is coming off the market until the housing market turns around. We are not immune to the negative effects of the unsteady housing market and just like many Americans across the country, we have had to change our plans.”

Ribble said he had planned to move to a smaller home in the 8th District that “requires less maintenance” given his frequent travel between Washington, D.C., and the Fox River Valley.

“We wish the home would have sold, but unfortunately the tough housing market prevented this from happening,” Ribble wrote.

Ribble’s spokeswoman did not clarify when the move back to Sherwood occurred or whether Ribble intends to transfer his voter registration.

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In letter to Senate, Obama promises that New START treaty won’t limit missile defense

December 20th, 2010 · Congress, Defense, Foreign Policy

By Mary Beth Sheridan Washington Post Staff Writer
Sunday, December 19, 2010; 12:12 AM

President Obama issued a letter to the Senate on Sunday pledging to fully develop a U.S. missile defense system in Europe, as part of a final offensive to relieve concerns about the nuclear arms pact with Russia as it moves toward a final vote.

The letter reiterated administration policy but was an especially extensive and detailed statement on missile defense by the president. Parts of it were read aloud by Sen. John F. Kerry (D-Mass.) shortly before a vote on an amendment that could have killed the treaty. That amendment was defeated, 59 to 37.

Sen. Bob Corker (R-Tenn.), who has been leaning toward supporting the New Strategic Arms Reduction Treaty (START), took to the floor to welcome the president’s letter. “A number of people on our side of the aisle have asked for it,” he said.

Missile defense has emerged as the greatest point of contention over the treaty. Although the pact is focused on arms reductions and verification, its preamble briefly mentions an “interrelationship” between nuclear weapons and missile defense.

Russia has said it could withdraw from the pact if the U.S. missile defense system becomes ambitious enough to fend off its arsenal. U.S. officials say their intentions are more modest – a system aimed at countries such as Iran and North Korea.

Some Republicans worry that the missile defense language, although not legally binding, could give the Russians a pretext to pressure the U.S. government.

“In today’s world, there are so many new and constantly evolving threats. The United States can’t be limited” in deploying missile defenses, said Sen. John McCain (R-Ariz.). He was one of the sponsors of the amendment to remove the language.

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Senate spending bill contains thousands of earmarks

December 15th, 2010 · Accountability, Congress, Corruption, Democrats, Dissention, Economy, Ethics, Federal Spending, Fraud Alert, Greed, Non-Transparency, Republicans, Selling Out the US, Tax Dollars, Taxes, Terrorism from Within

By Philip Rucker and Paul Kane Washington Post Staff Writers
Wednesday, December 15, 2010; 12:00 AM

Weeks after swearing off earmarks, many senators stand to gain tens of millions of dollars for pet projects in a massive spending bill that could be their last chance at the money before a more conservative Congress begins next month.

The $1.2 trillion bill, released on Tuesday, includes more than 6,000 earmarks totaling $8 billion, an amount that many lawmakers decried as an irresponsible binge following a midterm election in which many voters demanded that the government cut spending.

“The American people said just 42 days ago, ‘Enough!’ . . . Are we tone deaf? Are we stricken with amnesia?” Sen. John McCain (R-Ariz.), a leading earmark critic, said on the Senate floor, flipping through the 1,924-page bill as he pounded his desk.

The bill includes $18 million for two nonprofits associated with deceased Democrats, the late Sen. Edward M. Kennedy and Rep. John P. Murtha; $349,000 for swine waste management in North Carolina; and $6 million for a rural Iowa school program named after Sen. Tom Harkin (D-Iowa).

Senate Minority Leader Mitch McConnell (R-Ky.) epitomizes the conflicted nature of the debate. Formerly a member of the committee that doles out earmarks, McConnell reluctantly embraced a moratorium on the practice last month to send a signal that Republicans are serious about curbing spending.

Yet the legislation includes provisions requested this year by McConnell, including $650,000 for a genetic technology center at the University of Kentucky, according to an analysis of the bill by Taxpayers for Common Sense, a nonpartisan watchdog.

Saying he was now “vigorously in opposition” to the legislation, McConnell said Tuesday that rushed consideration of the bill “here on Christmas Eve” compelled him to try to block the bill through a filibuster. “I’m going to vote against things that arguably would benefit my state. I do not think this is the appropriate way to run the Senate,” he said.

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Harry Reid’s Holiday Jam: What the Senate wants to pass while you’re not paying attention.

December 15th, 2010 · Deception, Democrats, Ethics, Federal Spending, Greed, Non-Transparency, Selling Out the US, Senate, Tax Dollars, Taxes, Terrorism from Within, Treason

Reid's Holiday Message to the American People.

In the famous formulation often attributed to George Washington, the U.S. Senate is the saucer designed to cool the drink before it becomes law. In Majority Leader Harry Reid’s rush to beat the looming expiration of the 111th Congress, the Senate has become the express lane to jam through changes in military rules, a giant spending bill and even an arms treaty—and all with virtually no deliberation. Why are Republicans putting up with it?

The lame duck Congress was supposed to limp out of town this Friday, but yesterday Mr. Reid announced that in the dwindling days before Christmas he plans to pass the bipartisan tax deal, the New Start arms treaty with Russia, the immigration Dream Act, a “lands bill,” and a bill to let gays serve openly in the military. Oh, and yesterday he also dropped on his colleagues a 1,924-page, $1.1 trillion omnibus spending bill for fiscal 2011 that no one but a few Appropriators have read, if even they have.

Any one of these issues could warrant at least a week of debate if the Senate were playing its designated constitutional role. But the New Start pact and spending bill in particular deserve at least eight or nine legislative days of debate, with opportunities for Senators to educate the public and offer amendments. As it is, most Americans are preoccupied with their busy holiday lives and have no idea that the world’s greatest deliberative body isn’t deliberating at all.

The rush for New Start is a special affront to Senate prerogatives under the Constitution, which requires a two-thirds vote for ratification precisely to guarantee a considered debate. The Administration claims that failure to ratify the treaty in two weeks will offend the Russians, though the Russians have said they feel no such urgency. GOP leaders have given Mr. Reid dates in either January or February to bring the treaty to the floor, and upwards of a dozen Republicans seem to be leaning in favor of the pact.

At a minimum the GOP ought to insist on a debate that is long enough to clarify the U.S. understanding of the treaty. That’s especially important on missile defenses because the pact’s preamble includes the major blunder of re-linking offensive and defensive weapons. At the time the pact was negotiated, the Russians claimed this language meant they could leave the treaty if the U.S. developed new missile defenses. In remarks at the time, U.S. officials did not forcefully counter that claim.

The Obama Administration has since said the Russians are wrong, but the Senate must make this absolutely clear during the ratification debate. GOP Senators John McCain and Jon Kyl are preparing a formal “understanding” to accompany the treaty that would stipulate that specific future U.S. missile defense plans aren’t part of the deal.

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Reid threatens to keep Congress into next year: New spending bill totals $575.13 million per page

December 15th, 2010 · Deception, Democrats, Ethics, Federal Spending, Greed, Selling Out the US, Senate, Tax Dollars, Taxes, Terrorism from Within

Reid salutes th American People.

By Stephen Dinan The Washington Times Tuesday, December 14, 2010

Forget about going quietly into the night.

Senate Democrats on Tuesday unveiled a broad agenda for an end-of-session sprint that, in other years, could be a whole year’s worth of activity — ranging from an arms-reduction treaty with Russia to a major immigration bill to overturning the ban on gay troops.

And that’s not to mention the nearly 2,000-page, $1.1 trillion massive spending bill Senate Democrats said they’ll try to push through. The bill contains hundreds of pork-barrel spending projects and new rules governing everything from airport baggage to detainees at the prison at Guantanamo Bay, Cuba.

“We’re not through. Congress ends on Jan. 4,” said Senate Majority Leader Harry Reid, Nevada Democrat.

The omnibus spending bill is likely to get the most attention, spanning 1,924 pages and spending an average of $575.13 million per page.

It stands in contrast to the House, which last week passed a streamlined bill freezing fiscal 2011 government spending at 2010′s level. The Senate bill, though, boosts spending by $16 billion — a tough sell at a time when deficits and debt already are dominating the policy debate in Washington.

In some cases the spending bill not only rejects President Obama’s proposed cuts, it actually boosts spending. For example, Mr. Obama earlier this year told Congress to cut funding for the health and welfare package targeting Mississippi’s Delta region, which in 2010 received about $26 million. But the Senate bill includes funding and actually increases it to nearly $35 million in 2011.

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House Democrats seek to delay Tax Cut until next year in fight for more spending money.

December 11th, 2010 · Corruption, Deception, Democrats, Economy, Ethics, Federal Spending, Greed, House, Taxes, Terrorism from Within

House Democrats seek changes to Obama’s tax-cut deal

By Lori Montgomery and Shailagh Murray Washington Post Staff Writers
Friday, December 10, 2010; 12:58 AM

The House Democratic Caucus voted Thursday to try to block the tax-cut deal that President Obama struck with Republicans, a move that does not kill the legislation but shows that its opponents are digging in.

Rank-and-file Democrats passed a nonbinding resolution, introduced by Rep. Peter A. DeFazio (D-Ore.), by voice vote that said the tax package should not come to the House floor for consideration.

And in her first explicit declaration of dissatisfaction since the tax deal was cut, House Speaker Nancy Pelosi (D-Calif.) suggested that she would not bring the package to the floor in its current form.

“House Democrats share the president’s commitment to providing the middle class with a tax cut to grow the economy and create jobs” but “reject the Senate Republican tax provisions as currently written,” Pelosi said. “We will continue discussions with the president and our Democratic and Republican colleagues in the days ahead to improve the proposal before it comes to the House floor for a vote.”

After the caucus vote, House Majority Whip James E. Clyburn (D-S.C.) said: “People would like to see every opportunity to make revisions, and I’m one of them.” Asked whether he still expected the tax deal to come to the House floor for a vote, Clyburn said, “I don’t make those decisions.”

Said Rep. Lloyd Doggett (D-Tex.): “If it’s take it or leave it, we’ll leave it.”

At one point during the meeting on the vote, House Democrats erupted in a chant of “Just say no!”

The White House played down the drama.

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Salary freeze for federal workers approved by House

December 9th, 2010 · Economy, Government, House

Wednesday, December 8, 2010; 8:41 PM

The House approved legislation Wednesday that freezes base pay for federal employees at current levels for two years.

President Obama called for the freeze last week as part of an effort to control the national deficit, angering federal employee organizations and upsetting local members of Congress.

“The hard truth is that getting this deficit under control is going to require broad sacrifice,” he said. “And that sacrifice must be shared by the employees of the federal government.”

The pay freeze is projected to save a total of $28 billion over five years, a fraction of a $1.3 trillion budget shortfall. The legislation now goes to the Senate.

- Joe Davidson

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