Here are some interesting stories sent to me by ECM.
CNN: Report finds imprudent spending at USPS.
Excerpt:
The U.S. Postal Service spent more than $792,000 “without justification” on meals and events in one five-month period even as it reported losing $3.8 billion this year, the agency’s inspector general says in a report.
Employees spent $792,022 on meals and external events “without justification for food purchases, purchased alcohol without officer approval and exceeded the dollar limit for meals,” the report says.
Among the purchases were crab cakes, beef Wellington and scallops at an installation ceremony for one of several postmasters in the United States, the report says.
[…]The Postal Service reported a $3.8 billion net loss for the 2009 fiscal year…
University of Michigan links government bailouts to corruption.
Excerpt:
U.S. banks that spent more money on lobbying were more likely to get government bailout money, according to a study released on Monday. Banks whose executives served on Federal Reserve boards were more likely to receive government bailout funds from the Troubled Asset Relief Program, according to the study from Ran Duchin and Denis Sosyura, professors at the University of Michigan’s Ross School of Business. Banks with headquarters in the district of a U.S. House of Representatives member who serves on a committee or subcommittee relating to TARP also received more funds. Political influence was most helpful for poorly performing banks, the study found. “Political connections play an important role in a firm’s access to capital,” Sosyura, a University of Michigan assistant professor of finance, said in a statement. Banks with an executive who sat on the board of a Federal Reserve Bank were 31 percent more likely to get bailouts through TARP’s Capital Purchase Program, the study showed. Banks with ties to a finance committee member were 26 percent more likely to get capital purchase program funds.
South Carolina Attorney General will investigate Ben Nelson’s Obamacare bribe.
Excerpt:
South Carolina Attorney General Henry McMaster said Tuesday that he intends to organize his counterparts in different states to investigate dealmaking that sealed a final compromise on federal health care legislation.
McMaster said the language of the Nelson provision appears to give the State of Nebraska a permanent exemption from paying the Medicaid expenses all other states in the nation will be required to pay.
Attorney General Henry McMaster said he and his counterparts in Alabama, Colorado, Michigan, North Dakota, Texas and Washington state—all Republicans—are jointly taking a look at the deal they’ve dubbed the ‘Nebraska compromise.’
The ‘Nebraska compromise,’ which permanently exempts Nebraska from paying Medicaid costs that Texas and all other 49 states must pay, may violate the United States Constitution—as well as other provisions of federal law.’
White House pressuring pro-life Democrat to pass health care.
Excerpt:
Rep. Bart Stupak (D-Mich.) said the White House and the Democratic leadership in the House of Representatives have been pressuring him not to speak out on the “compromise” abortion language in the Senate version of the health care bill.
“They think I shouldn’t be expressing my views on this bill until they get a chance to try to sell me the language,” Stupak told CNSNews.com in an interview on Tuesday. “Well, I don’t need anyone to sell me the language. I can read it. I’ve seen it. I’ve worked with it. I know what it says. I don’t need to have a conference with the White House. I have the legislation in front of me here.”
CBO double-counted Medicare savings in estimate provided prior to Senate vote.
Excerpt:
The key point is that the savings to the HI (Medicare Hospital Insurance) trust fund under the PPACA (Patient Protection and Affordable Care Act) would be received by the government only once, so they cannot be set aside to pay for future Medicare spending and, at the same time, pay for current spending on other parts of the legislation or on other programs.
To describe the full amount of HI trust fund savings as both improving the government’s ability to pay future Medicare benefits and financing new spending outside of Medicare would essentially double-count a large share of those savings and thus overstate the improvement in the government’s fiscal position.
One nice things about capitalism and small government is that it minimizes corruption and waste. (Companies trying to make a profit don’t waste, and they don’t try to influence government if government stays out of the free market). But some people like big government because they think that they should have their lives subsidized by their neighbors. A vote for a Democrat is a vote for corruption and waste.
WINTERY KNIGHT 