Final, Definitive Proof Of The Greed, Corruption, and Immorality Of Our Political Class

Health Care Reform Bill Facts - Final, Definitive Proof Of The Greed, Corruption, and Immorality Of Our Political Class

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Most of us have long suspected that the American political class had devolved to a state where personal political careers and wealth have now taken precedence over the good of the country, relative to most of our politicians. Rather than truly addressing and resolving issues in the right way for the right reasons, seems many of our politicians would prefer to take the selfish arrival and do nothing or do the wrong thing for the country rather than endanger their re-election and personal enrichment efforts.

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Health Care Reform Bill Facts

Consider some recent examples of such behavior:

- In our September 1, 2011 post we reported on a pathology by two university professors of the historic stock store returns of Washington politicians' personal portfolios. Seems that both Democrats and Republicans serving in Congress, but especially Democrats, have historically outperformed the stock market's allembracing returns with their own stock portfolios. The study analyzed results over decades over hundreds of separate politicians so the sample size is more than ample to draw conclusions from.

Given that these same politicians have not outperformed in any other facet of their jobs, it becomes suspicious that they would do so well in this area of personal enrichment vs. The rest of America's investors, i.e. You and me and pro investors. At that time, we raised the obvious possibility of insider trading of Congressional politicians because of their outstanding stock store performances. Coincidence or corruption?

- Senator Majority Leader Harry Reid has also had some shady, documented venture strategies over the past few years. According to John Ransom, writing for Townhall.com on September 30, 2011, in 2008, one month before oil prices took a historical plunge, the good Senator sold between ,000 and ,000 worth of vigor stock holdings he held in the Dow Jones vigor index.

Shortly thereafter, he purchased between ,000 and ,000 worth of condition care holdings in the Dow Jones condition Care Index, at a time when he was inspecting rewriting the nation's condition care laws. Coincidence or corruption?

- reconsider tsome similar shenanigans of Congresswoman Ginny Brown-Waite. According to an description that was written by John Frank for the June 30, 2009 St. Petersburg Times. One day before the House of Representatives beloved a massive bank bailout plan in October, 2008, the Congresswoman bought stock in Citigroup, one of the major banks that received a valuable portion of the bank bailout funding.

About two weeks later, on the day Treasurer Henry Paulson announced he would invest 0 billion of taxpayer money in nine major banks, the Congresswoman bought stock in Bank of America, one of those nine banks. Coincidence or corruption?

- On November 11, 2011, Money News reported on accusations that at about dozen lawmakers and their senior aides bragged about how much money they had earned in the stock store based on insider trading-like information that they knew ahead of the general communal because of their government positions.

The description included the following details:
The insider trading dollar amounts ranged from a few thousand dollars to six figures. Much of the insider trading involved companies that were likely to be brought before Congress for investigations, an act that commonly resulted in a negative impact on a company's stock price. By shorting a stock ahead of that information being public, Congressional figures could and did make out sized profits. The huge profits were being made by population that had no serious background or past history of success in picking winners and losers in the stock market.

Coincidence or corruption? Most honest Americans would halt that all of these incidents are examples of political class corruption, immorality, and greed.

Now, some in the political class would claim that this last piece of corruption information cannot be trusted because it was made by Jack Abramoff, a previous lobbyists who was convicted of corruption himself and who has served time in jail.

This certainly could be true is but probably not for two reasons. First, if whatever should know about corruption, it should be Abramoff since he was the king of corrupt extra interests years ago. Second, a recent story that appeared on the Cbs show "60 Minutes" not only verifies that this type of behavior exists but went so much added in explaining how and who was deeply involved in the corruption.
According to the "60 Minutes" report, roughly everybody in the country is subject to insider trading laws and compliance. This includes commonplace Americans, whatever serving in the executive subject of the Federal government (e.g. The President, the Vice President, etc.), and Federal judges. The only population excluded from having to comply are...members of Congress, the same population who wrote and passed the laws on insider trading that exclude themselves from being prosecuted for such actions.

Just when you think you have heard every conceivable sin, shortcoming, and outright immorality from our politicians, you come over this travesty. They have cleared the decks for themselves to make grand sums of money in the stock store by using insider government trading information.

Examples from "60 Minutes" included the following:
John Boehner, currently the Speaker of the House, made a serious venture in condition care insurance stocks shortly before he led the legislative attempt to defeat a key component in Obama's primary condition care reform bill, a component that would have depressed condition care stock prices if not defeated. With the component's defeat, condition care insurance stocks rose and made money for Mr. Boehner. Coincidence or corruption? Several years ago, then Speaker of the House Dennis Hasert, made some land acquisitions in Ohio. He then worked to adjust Federal highway projects so that a new Federally-financed highway would run close to his newly purchased land, significantly expanding the land's value when he sold it. Congressman Spencer Bachus also seemed to do pretty well with insider information. The "60 Minutes" story was apparently inspired by a recently published book, "Throw Them All Out," written by Hoover create fellow Peter Schweizer. According to Schweizer, Bachus and Nancy Pelosi got incommunicable briefings from Fed Chairman Ben Bernanke and Treasury Secretary Hank Paulson, who basically told the legislators that it was "a matter of days before there is a meltdown in the global financial system." Bachus went out shortly thereafter and invested about ,000 to short the stock market. When the stock store did start to collapse, he was able to cash in the venture for roughly twice what he originally put out just a few days before. He also shorted general electric four times after Paulsen told him Ge bond sales were having problems. Coincidence or corruption?

Terrible, terrible, immoral behavior. However, the biggest conflict of interest chapter in the "60 Minutes" story is reserved for Nancy Pelosi. According to the story, Ms. Pelosi, previous Speaker of the House, and her husband had way to at least eight Ipo offerings over the past few years. As most of you know, we commonplace Americans rarely get in on a ground floor, the most lucrative financial time, in any Ipo offerings.

The most troubling and potentially corrupt Ipo was for the Visa Ipo back in 2008. Ms. Pelosi purchased 5,000 Ipo shares on the first day of the Visa offering at a share. She sold it within days when the price had reached a share, a profit of about 0,000.

What makes this so very troubling is prior to the Visa Ipo offering there was a legislative attempt within the House of Representatives to inflict prestige card fee limits on companies such as Visa. Obviously, if such legislation passed, it would certainly put a damper on Visa's stock price, and would depress the earnings and gains of whatever who invested in the Visa Ipo.

That legislation was mysteriously never able to see the light of day prior to the Ipo date. The legislation at last did become law but the driver and leader in the legislation was the Senate, not the House, and passage happened well after population like then- Speaker of the House Pelosi had made their astronomical gains off of the Ipo offering. Coincidence or corruption?

No more proof is valuable to ultimately sound that we have allowed a privileged, spoiled, selfish, and, because of the insider trading disaster, an immoral set of population to take operate of the country for their own benefit and personal enrichment. Immoral, You cannot come up with any better word to delineate this insider trading insult to the American taxpayer and citizen.

And the sad thing is that they do not see whatever wrong with this immoral behavior. When the "60 Minutes" reporter, Steve Croft, asked Ms. Pelosi about her Ipo behavior at one of her press conferences, her rejoinder was both incoherent and bordering on indignant that man could even imply she ever had a conflict of interest.

In press releases from her office later that day, she attacked the writer of the book, "Throw Them All Out," as being a discredited conservative. In other words, she attacked the man and not his information or his process. The "60 Minutes" description showed how the writer and eight of his aides had meticulously gone straight through lawful financial records to ensure the book's accusations were accurate. She also accused Cbs and "60 Minutes" of a "right wing smear," failing to mention in her press releases that the story also descriptive the same type of immoral behavior of several Republicans.

Ms. Pelosi did not refute that she had participated in the Visa Ipo or had made a ton of money in the process. She did not refute that she had participated in many other Ipos while in a remarkable position in government, Speaker of the House. She did not refute the fact that she had received very sensitive and very valuable expand information from Bernanke and Paulsen. She did not refute the fact that Congress had exempted her and her comrades from the very laws that every other American had to abide by. She tried to turn it into a political issue and attack the person, the messenger.

Obviously, three actions have to take place to fix this immorality:
Short term, we need to force Congressional members to make themselves subject to the same insider trading laws as the rest of us. We need to tighten up information sources within government so that pending government actions are kept as incommunicable as possible, as compared to the situation today (as referenced at the end of the "60 Minutes story) so that no one, whether inside the Beltway or outside, gets sensitive and valuable insider information. And the most leading operation is to implement Step 39 from "Love My Country, Loathe My Government" which calls for the Constitutional preparing of term limits for all Federal politicians, "one and done." There is no other way to deal with this immorality, the current set of politicians in Washington do not deserve to serve any longer, given the rampant corruption we permanently see.

When Pelosi became Speaker of the House in 2007, she boldly declared that she and the Democrats were going to "drain the swamp" of corruption in Congress, Instead, it looks like she and her peers in Congress built a dam and the corruption is as deep as ever. "One and done," it cannot happen soon enough.

One added note: According to a recent blurb in Roll Call, and published the November 18, 2011 issue of The Week Magazine, the 500 or so members of Congress had a communal net worth of more than billion, a whopping 25% growth over their communal wealth in 2008. The 50 richest lawmakers account for 80% of the wealth and the average net worth is about 3,000.

How many commonplace Americans do you know who made a 25% return in their personal portfolios in the past two years? Why wouldn't the 50 richest lawmakers serve their country for no wages and no benefits since they obviously can afford to serve, without suffering financial distress, if they did not secure wages or benefits. Wouldn't that be the moral, courageous thing to do.

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