● 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 'Ethics'

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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Postal workers behaving badly!

December 7th, 2011 · Ethics, Federal Spending, Government, Greed

By Ed O’Keefe

(Andrew Harrer – BLOOMBERG) Most of the 574,000 employees of the U.S. Postal Service complete their appointed rounds and quickly move envelopes and packages to final destinations. But some postal workers steal mail, burn it, hoard it or claim thousands of dollars in fraudulent workers compensation claims, according to a new watchdog report.

There’s a Texas letter carrier who earned $207,706 in fraudulent workers compensation payments after submitting false travel vouchers over five years for approximately 96,000 miles in medical reimbursable transportation claims. Though she submitted a total of 480 travel reimbursement requests, the letter carrier only actually traveled to 13 medical appointments. She was sentenced in August to three years of probation and a year of home confinement, and she was ordered to pay $172,000 in restitution.

Details of the case appear in a semiannual report published this week by the U.S. Postal Service Office of Inspector General that reports on dozens of other postal employees who violated policies or broke the law:

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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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Dead federal retirees are paid $120 million annually, report says

September 23rd, 2011 · Accountability, Corruption, Ethics, Federal Spending, Fraud Alert, Government, Tax Dollars

By Ed O’Keefe: September 22

The federal government pays out millions of dollars to dead people each year — including deceased retired federal workers, according to a new report.

In the past five years, the Office of Personnel Management has made more than $601 million in benefits payments to deceased federal annuitants, according to the agency’s inspector general. Total annual payouts range between $100 million and $150 million.

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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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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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The FCC’s Threat to Internet Freedom

December 20th, 2010 · Ethics, Government Control, Terrorism from Within

‘Net neutrality’ sounds nice, but the Web is working fine now. The new rules will inhibit investment, deter innovation and create a billable-hours bonanza for lawyers.

By Robert M. Mcdowell

Tomorrow morning the Federal Communications Commission (FCC) will mark the winter solstice by taking an unprecedented step to expand government’s reach into the Internet by attempting to regulate its inner workings. In doing so, the agency will circumvent Congress and disregard a recent court ruling.

How did the FCC get here?

For years, proponents of so-called “net neutrality” have been calling for strong regulation of broadband “on-ramps” to the Internet, like those provided by your local cable or phone companies. Rules are needed, the argument goes, to ensure that the Internet remains open and free, and to discourage broadband providers from thwarting consumer demand. That sounds good if you say it fast.

Nothing is broken and needs fixing, however. The Internet has been open and freedom-enhancing since it was spun off from a government research project in the early 1990s. Its nature as a diffuse and dynamic global network of networks defies top-down authority. Ample laws to protect consumers already exist. Furthermore, the Obama Justice Department and the European Commission both decided this year that net-neutrality regulation was unnecessary and might deter investment in next-generation Internet technology and infrastructure.

Analysts and broadband companies of all sizes have told the FCC that new rules are likely to have the perverse effect of inhibiting capital investment, deterring innovation, raising operating costs, and ultimately increasing consumer prices. Others maintain that the new rules will kill jobs. By moving forward with Internet rules anyway, the FCC is not living up to its promise of being “data driven” in its pursuit of mandates—i.e., listening to the needs of the market.

It wasn’t long ago that bipartisan and international consensus centered on insulating the Internet from regulation. This policy was a bright hallmark of the Clinton administration, which oversaw the Internet’s privatization. Over time, however, the call for more Internet regulation became imbedded into a 2008 presidential campaign promise by then-Sen. Barack Obama. So here we are.

Last year, FCC Chairman Julius Genachowski started to fulfill this promise by proposing rules using a legal theory from an earlier commission decision (from which I had dissented in 2008) that was under court review. So confident were they in their case, FCC lawyers told the federal court of appeals in Washington, D.C., that their theory gave the agency the authority to regulate broadband rates, even though Congress has never given the FCC the power to regulate the Internet. FCC leaders seemed caught off guard by the extent of the court’s April 6 rebuke of the commission’s regulatory overreach.

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