Tag Archives: Corrupt

News

Democrats use TARP money to shore up personal fortunes

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Story from the Washington Post. Senator Daniel Inouye (DEMOCRAT) intercedes to have TARP funds redirected to the floundering “Central Pacific” bank, which he owns.

But I prefer Hot Air’s summary.

In other words, Inouye interceded to get TARP funds to secure his personal assets.  He used his political clout on Capitol Hill to get Treasury to approve a “marginal” application that had already been rejected once, in order to save his own bank from collapse.  Central Pacific had already been in trouble with the FDIC even before the collapse in the lending and financial sector, thanks to bad management practices and undercapitalization.  The FDIC had required a change in management and $40 million more in capitalization, which is why Treasury was reluctant to give CP a bailout check in the first place.

Inouye isn’t the first member of Congress to have used TARP to rescue personal fortunes.  Maxine Waters did the same thing with OneUnited of Massachusetts, where she and her husband had significant investments.  In that case, Waters arranged a meeting between OneUnited and regulators, while Barney Frank wrote legislation that required Treasury to grant special consideration to OneUnited’s TARP application.

A second Hot Air piece about the corruption in the cap-and-trade bill.

Remember that last-minute, 300-page amendment to the cap-and-trade bill that hit the House just hours before the vote approving it?  The one that Democrats insisted on putting up for a vote before anyone had the chance to read it?  When one reads the contents of it, as the Washington Times’ Edward Felker did, it becomes apparent why Henry Waxman and Edward Markey pushed it through so quickly.  It was a payoff for Rep. Marcy Kaptur (D-OH) to turn her back on coal-producing Ohio and vote to kill the economy in her state, and she wasn’t alone…

…The amendment itself got published in the wee hours of Friday morning.  By the time the House came to order and began debate, it hadn’t yet been noted by the media.

In essence, Waxman and Markey bought Kaptur with our money. They spent $3.5 billion for a single vote in Congress, and Kaptur had willingly put herself up for sale.  Never mind that Ohio will get [hit] hard by caps on the use of coal.  Ohioans will lose jobs, their energy bills will skyrocket, and that will have an inflationary effect on all goods and services as the jobless rate escalates.

More Democrat corruption in Michigan

But this is not the only corruption going on with those sneaky Democrats.

Michigan Democrats are involved in yet another corruption scandal. I wonder if these Democrats keep their piles of cash in freezers like the Louisiana Democrats do.

Here’s the story from the BlogProf. This blog has been tracking the story from its inception.

Excerpt:

Ever since Monica Conyers became a convicted felon, a big chunk of the the most powerful Michigan Democrats have been somehow connected to the growing scandal. Husband John Conyers somehow wrote a letter to the EPA to open toxic deep wells that he vehemently opposed, which was a boost to Jim Pappas who was bribing Monica for the favor. In the middle was Monica Conyers advisor Sam Riddle. In addition, Pappas hired U.S. Sen Debbie Stabenow’s husband, Tom Athens, to illegally lobby for the same deal, all the while Stabenow publicly came out against Canadian trash imports, including those that we to be injected into said wells.

Since the conviction of Monica, Riddle has been talking. What he said today raised many eyebrows throughout the state, now ensnaring the Michigan Democrat Party, Jennifer Granholm, Mark Brewer chairman of the Michigan Democratic Party, and Bernard Kilpatrick father of disgraced felon ex-mayor Kwame Kilpatrick. From The Detroit News: Riddle: FBI probed $50K deal with Dems.

People who trash the free exercise of religion, traditional morality, the rule of law and family should not be expected to act honestly. Morality requires certain metaphysical beliefs, which Democrats, being secular socialists, just don’t have grounded by their worldview.

We can’t elect people who believe that it’s OK to kill defenseless unborn children for convenience and then expect them to have integrity. It’s not rational for someone like that to act morally. If they are willing break the big moral laws, they’ll have no trouble breaking the small ones, too.

News

CRISIS! Obama fires Inspector General after investigation of Democrat corruption

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UPDATE: Hot Air says 2 IGs have been fired, and a 3rd is in trouble.

Michelle Malkin’s latest column explains the incident from the beginning. But I’ll jump to the middle for the excerpt.

Excerpt:

The second program Walpin challenged is the non-profit St. HOPE Academy, run by Obama supporter Kevin Johnson, the Democrat mayor of Sacramento and a former NBA basketball star. In a special May 2009 report, Walpin’s office blew the whistle on a highly politicized U.S. Attorney’s Office settlement with Johnson and his deputy, Dana Gonzalez. The pair exploited nearly $900,000 in AmeriCorps funding for personal and political gain.

But in the wake of Johnson’s mayoral victory and President Obama’s election in November, the U.S. Attorney’s Office in Sacramento rushed to settle with the new mayor so he could avail himself of federal stimulus funds and other government money. It was, Walpin said in his special report last month, “akin to deciding that, while one should not put a fox in a small chicken coop, it is fine to do so in a large chicken coop! The settlement…leaves the unmistakable impression that relief from a suspension can be bought.”

Shortly after, the White House announced that it had “lost confidence” in Walpin. With Walpin’s removal, the top management positions at AmeriCorps’ parent organization are now all open. The decks are clear to install lackeys who will protect the government volunteerism industry and its Democrat cronies. And a chilling effect has undoubtedly taken hold in every other inspector general’s office in Washington.

This is a MUST-READ.

Let’s see what hope and change really means. Nothing like this abuse of power ever happened in 8 years under George W. Bush. Bush was an evangelical Christian who took morality and honor seriously. Even if he sometimes made mistakes, they were generally mistakes of policy – not abusing his power to cover up corruption.

In a Hot Air post we learn that Democrat Senator Claire McCaskill isn’t happy about Walpin’s dismissal.

“The White House has failed to follow the proper procedure in notifying Congress as to the removal of the Inspector General for the Corporation for National and Community Service.  The legislation which was passed last year requires that the president give a reason for the removal. ‘Loss of confidence’ is not a sufficient reason.  I’m hopeful the White House will provide a more substantive rationale, in writing, as quickly as possible,” McCaskill said.

Ed Morrissey writes “They can’t provide the real reason, which is that Walpin went after a political ally of the President’s.”

Fox News has more about Walpin. (H/T Hot Air)

In the letter, White House Special Counsel Norman Eisen wrote that Walpin was “confused” and “disoriented” at a May board meeting, was “unduly disruptive,” and exhibited a “lack of candor” in providing information to decision makers.

“That’s a total lie,” Walpin said of the latter charge. And he said the accusation that he was dazed and confused at one meeting out of many was not only false, but poor rationale for his ouster.

“It appears to suggest that I was removed because I was disabled — based on one occasion out of hundreds,” he said.

“I would never say President Obama doesn’t have the capacity to continue to serve because of his (statement) that there are 57 states,” Walpin said, adding that the same holds for Vice President Biden and his “many express confusions that have been highlighted by the media.” Obama mistakenly said once on the campaign trail that he had traveled to 57 states.

When tyranny comes to a nation, the honest men are the first against the wall.

Commentary

Why do Democrats live far beyond their means?

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Republicans typically enjoy massive support from people who actually know how the world works, namely, small business owners, investors and entrepreneurs. But do Barack Obama and his new Supreme Court nominee know how the world works?

Sonia Sotomayor

Let’s look at Obama’s Supreme Court nominee first.

Here is what she says:

I would hope that a wise Latina woman with the richness of her experience would more often than not reach a better conclusion than a white male who hasn’t lived that life.

So she discriminates against people based on sex and race. There are words for people who discriminate against others based on sex and race.

The American Thinker reports on how she lives within her means: (H/T Commenter ECM)

Sotomayor’s annual earnings come to $196,000 a year ($170,000 a year as an appeals judge and $26,000 for part-time teaching). She has served as an appeals judge for 17 years. This service was preceded by lengthy tenure at a corporate law firm of Pavia and Harcourt, where she was a partner, and presumably was well compensated.

Yet after a career that has spanned 25 years, Ms Sotomayor only has one thousand dollars in net savings. As reported in the New York Post, Sotomayor’s bank account holds $31,985. Her credit cards debts are $15,823, and she has $15,000 in unpaid dental bills. That leaves her with $1,162. Sotomayor’s total assets, revealed as $708,068, consist almost entirely of equity in her Manhattan apartment.

And here is what it means for us:

If confirmed as a Supreme Court justice, Ms Sotomayor will be ruling on numerous cases that involve investors, savers, corporate profits, business regulation, and related free-market issues…. the fact that Ms Sotomayor, after so many years of highly paid professional work, has no savings or investments and no experience or apparent “empathy” with savers or investors, should be highly troubling to the tens of millions of Americans who do have investments, 401Ks, and personal savings.

And here is how this has affected her previous rulings:

In one of her most important rulings (as reported in the New York Times), Sotomayor ruled that corporations must address environmental concerns in the most radical manner without consideration of the cost. If one particle of pollutant remains to be removed, even at the cost of bankrupting all of the companies in the S&P 500 index, that particle must be removed. If a small business has failed to purchase the most advanced equipment available to address environmental concerns, even if the price of that equipment is one hundred times the revenue of the business in question, the equipment must be purchased. That is how much “empathy” we can expect from Judge Sotomayor.

If she is confirmed, she will probably hurt our free market capitalist system, and the liberties grounded by it. The more that the court hurts business and commerce with judicial activism, the more we lose our jobs, our incomes and our liberty itself.

Barack Obama

Now, let’s take a look at how Obama lives. First of all, it’s well known that Obama was raised with a silver spoon in his mouth and went to all the best private schools, where he snorted expensive cocaine. And he awarded massive taxpayer grants to the hospital where his wife worked after her salary was nearly tripled.

The National Review reports:

One of Obama’s Earmark Requests Was for the Hospital That Employs Michelle Obama.

Dan Riehl notes, via Amanda Carpenter, that in the list of earmarks he requested, $1 million was requested for the construction of a new hospital pavilion at the University Of Chicago. The request was put in in 2006.

You know who works for the University of Chicago Hospital?

Michelle Obama. She’s vice president of community affairs.

As Byron noted, “In 2006, the Chicago Tribune reported that Mrs. Obama’s compensation at the University of Chicago Hospital, where she is a vice president for community affairs, jumped from $121,910 in 2004, just before her husband was elected to the Senate, to $316,962 in 2005, just after he took office.”

The NY Daily News reports on how well the Obamas live within their means. (H/T Sweetness and Light)

A close examination of their finances shows that the Obamas were living off lines of credit along with other income for several years until 2005, when Obama’s book royalties came through and Michelle received her 260% pay raise at the University of Chicago. This was also the year Obama started serving in the U.S. Senate.

In April 1999, they purchased a Chicago condo and obtained a mortgage for $159,250. In May 1999, they took out a line of credit for $20,750. Then, in 2002, they refinanced the condo with a $210,000 mortgage, which means they took out about $50,000 in equity. Finally, in 2004, they took out another line of credit for $100,000 on top of the mortgage.

Tax returns for 2004 reveal $14,395 in mortgage deductions. If we assume an effective interest rate of 6%, then they owed about $240,000 on a home they purchased for about $159,250.

This means they spent perhaps $80,000 beyond their income from 1999 to 2004.

The Obama family apparently had little or no savings during this period since there was virtually no taxable interest shown on their tax returns.

These numbers clearly show the Obamas were living beyond their means and they might have suffered financially during the decline in housing prices had they relied on taking ever larger amounts of equity from their home to pay the bills.

And what did the Obamas learn from this?

But in 2005, Obama’s book sales soared and the royalties poured in. Michelle explained, “It was like Jack and his magic beans.”

Without those magic beans, the Obama family would have eventually suffered the consequences of too much debt.

President Obama has never faced consequences in his private life when it comes to managing money. He always had enough money simply by borrowing more and more. And just when things got tight, those magic beans came along to save the day.

I guess this explains Barack Obama’s fiscal policy and his surprise at the consequent surge in unemployment. But he can count on his new judge to back him to the hilt in all of his unconstitutional interventions in the free market – neither of them knows the slightest thing about saving and investing… just borrowing and spending.