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 'Deception'

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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Holder faces House Republicans over health-care law, ‘Fast and Furious’

December 8th, 2011 · Accountability, Corruption, Deception, Ethics, Government Control, Healthcare, Money Matters, Non-Transparency, Obama Exposed, Obama Nominees, Obama's Scheme, Politics, Selling Out the US, Supreme Court, Tax Dollars, Terrorism from Within, Treason

By Jerry Markon, Published: December 8

Attorney General Eric H. Holder Jr. clashed with congressional Republicans on Thursday, defending the Justice Department in the face of criticism of its “Fast and Furious” gun-trafficking sting and its refusal to turn over documents on the health-care law adopted last year.

Under exhaustive questioning from the House Judiciary Committee, Holder reiterated that his department would not provide Congress with more information about Supreme Court Justice Elena Kagan’s health-care-related role when she was President Obama’s solicitor general. Republicans are seeking internal e-mails and other documents, arguing that Kagan might have to recuse herself from the court’s decision on the health-care law if she was involved in the legislation.

Attorney General Eric Holder says it’s inexcusable for the bureau to use a controversial tactic known as “gun-walking” in its effort to identify and prosecute major arms trafficking networks along the Southwest border. (Dec. 8)

Holder also was grilled over the Phoenix-based Fast and Furious operation, in which federal agents targeting drug cartels allowed guns to flow illegally onto U.S. streets and into Mexico. The operation led to a storm of criticism from Republicans, many of whom have urged Holder to resign.

The attorney general, who has resisted calls to step down, said the controversial Fast and Furious tactic known as “gun walking,’’ was “wholly unacceptable” and “must never happen again.” But he also condemned his accusers, saying the congressional investigation of the gun sting has been political and calling for cooperation in fighting firearms trafficking along the southwest border.

“Each of us have a duty to act, and to rise above partisan divisions and politically motivated ‘gotcha’ games,’’ Holder said. “The American people deserve better.’’

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The supercommittee failed because Democrats insisted on $1 trillion in new taxes

November 25th, 2011 · Accountability, Deception, Democrats, Dissention, Economy, Ethics, Federal Spending, Government, Government Control, Greed, Money Lost, Money Matters, Non-Transparency, Obama Nominees, Obama's Scheme, Stimulus, Tax Dollars, Terrorism from Within

By Jon Kyl, Rob Portman, Pat Toomey, Jeb Hensarling, Fred Upton and Dave Camp, Published: November 25

We do not choose to add more to the blame game for failure of the Joint Select Committee on Deficit Reduction , but one Democratic talking point needs debunking: that the talks failed because of Republicans’ attachment to the Bush tax cuts.

The untold story of the negotiations is the significance of the Republican offer of fundamental tax reform. It is critical to understand the interplay between the proposal (dubbed the “Toomey plan”) and existing tax law.

First, a bit of history. The 2001 and 2003 changes to the tax code reduced marginal rates for all taxpayers as well as the rates for capital gains, dividends and the death tax. For technical reasons, all of these provisions expire at the end of next year — meaning that if Congress does not act, Americans will face the largest tax increase in our history.

This prospect has put a wet blanket over job creation and economic recovery. It would be the wrong medicine for our ailing economy. As President Obama has famously said, “You don’t raise taxes in a recession.” Partially to avoid this result, but also to try to meet the Democrats partway — given their absolute insistence on big, new tax increases — Republicans offered a proposal that would have both reformed the current code and produced significant new tax revenue.

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Lame Duck Session: Dems passing any bill they can before they loose their power

December 23rd, 2010 · Corruption, Deception, Democrats, Ethics, Federal Spending, Government Control, Greed, Selling Out the US, Terrorism from Within, Treason

A lame-duck session with unexpected victories

By Perry Bacon Jr. Washington Post Staff Writer
Wednesday, December 22, 2010; 4:34 PM

When the lame-duck session of Congress started more than a month ago, President Obama looked defeated and deflated, publicly acknowledging the “shellacking” his party had taken in the November midterm elections.

Now, a six-week session that was expected to reflect a weakened president has turned into a surprising success. On Wednesday, Obama signed into law the repeal of the military’s ban on openly gay service members, and the Senate approved a new nuclear treaty with Russia that the president had declared a top priority.

Those accomplishments come after Obama successfully negotiated a free-trade agreement with South Korea, reached a deal with Republicans that extended unemployment benefits and prevented a tax hike for millions of Americans and signed a bill that will make school lunches healthier.

This blitz of bill signings completes a dramatic first two years for the nation’s first black president that included the enactment of arguably the most major liberal policies since the Johnson administration but also the Democrats’ biggest loss of House seats in 72 years.

After the election defeats and bitter battles over the health care and financial regulation legislation, the next two years were widely expected to be tied up by gridlock between the GOP-controlled House and the Democratic president. But the past month suggests the future could be different.

Obama and his team reinvented their political approach over the past several weeks to win key Republican votes, no longer relying mainly on the huge Democratic majorities in Congress that they won’t have in the new year.

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The Net Neutrality Coup funded by a who’s who of left-liberal foundations.

December 23rd, 2010 · Corruption, Deception, Democrats, Ethics, Federal Spending, Government Control

By John Fund

The Federal Communications Commission’s new “net neutrality” rules, passed on a partisan 3-2 vote yesterday, represent a huge win for a slick lobbying campaign run by liberal activist groups and foundations. The losers are likely to be consumers who will see innovation and investment chilled by regulations that treat the Internet like a public utility.

There’s little evidence the public is demanding these rules, which purport to stop the non-problem of phone and cable companies blocking access to websites and interfering with Internet traffic. Over 300 House and Senate members have signed a letter opposing FCC Internet regulation, and there will undoubtedly be even less support in the next Congress.

The FCC has approved rules that would give the federal government authority to regulate Internet traffic and prevent broadband providers from selectively blocking web traffic. WSJ’s Amy Schatz explains what the new rules really mean.

Yet President Obama, long an ardent backer of net neutrality, is ignoring both Congress and adverse court rulings, especially by a federal appeals court in April that the agency doesn’t have the power to enforce net neutrality. He is seeking to impose his will on the Internet through the executive branch. FCC Chairman Julius Genachowski, a former law school friend of Mr. Obama, has worked closely with the White House on the issue. Official visitor logs show he’s had at least 11 personal meetings with the president.

The net neutrality vision for government regulation of the Internet began with the work of Robert McChesney, a University of Illinois communications professor who founded the liberal lobby Free Press in 2002. Mr. McChesney’s agenda? “At the moment, the battle over network neutrality is not to completely eliminate the telephone and cable companies,” he told the website SocialistProject in 2009. “But the ultimate goal is to get rid of the media capitalists in the phone and cable companies and to divest them from control.”

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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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Emptying the pork barrel would hit some states especially hard

December 13th, 2010 · Accountability, Corruption, Deception, Economy, Ethics, Greed, Non-Transparency, Politics, Tax Dollars

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The tax bill is becoming a favor festival, starting with ethanol.

December 13th, 2010 · Deception, Economy, Non-Transparency, Taxes

The public choice school of economics describes how the government and special interests collude against the public good, and it’s hard to think of a better model than the ethanol industry. Despite opposition from an emerging left-right anti-boondoggle coalition, the Senate version of the White House-GOP tax deal preserves the corn fuel’s multiple subsidies.

One measure of ethanol’s political clout is that reformers merely hoped to cut the tax credit for blending ethanol into gasoline to 36 cents per gallon from the current 45 cents that was due to expire at the end of the year. Instead, the deal keeps the full subsidy in place for another year, at a cost to taxpayers of $4.9 billion, and it retains the 54-cent per gallon tariff on ethanol imports that was also expiring.

Direct subsidies and trade protectionism, plus mandates that force consumers to buy ethanol: This is the trifecta of government support, and all for an industry that is 30 years old and that even Al Gore now admits serves none of its advertised environmental purposes.

The ethanol extension is the bipartisan handiwork of Iowa Senators Chuck Grassley and Tom Harkin, who both regularly abandon their professed principles (fiscal conservatism for the Republican and equity for the Democrat) in the service of agribusiness.

Discredit also goes to the environmental lobby and its running game of bait and switch. The greens have turned on ethanol because of its carbon emissions, but their tax bill support has also been purchased with extensions of such energy subsidies as a Treasury grant program for wind and other renewable projects that were part of the stimulus.

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