The views expressed in any article published in this blog are the author's own and do not necessarily reflect the views of Joseph Foster or Bob Lupoli.

Tuesday, January 31, 2012

Peter Schweizer: Honest Graft

Joe:  I am planning on getting around to reading this book by Peter Schweizer, "Throw Them All Out", looks like an excellent read.

Throw Them All Out

It has received a fair amount of publicity. I heard a radio interview and Peter said he the starting point for him was to figure out how politicians entered office with not much income years later became very wealthy.

A Mr. Plunkitt said, “There is so much honest graft in this big town that they would be fools to go in for dishonest graft.”

George Washington Plunkitt (1842–1924) was a long-time State Senator from the U.S. state of New York, representing the Fifteenth Senate District, who was especially powerful in New York City. He was part of what is known as New York's Tammany Hall machine.

graft [graft, grahft] 
the acquisition of money, gain, or advantage by dishonest,unfair, or illegal means, especially through the abuse of one's position or influence in politics, business, etc.

Peter describes some deals for example, $16 billion out of the $20 billion that Obama handed out went to financial backers of Obama. Another one is Nancy Pelosi, she received 5,000 shares of an almost impossible-to-get credit card stock.

They also make money on what Peter calls "pump-and-dump." Al Gore made and a Silicon Valley investor put in $16 million into a company before a $25 million grant was issued by the federal government and then Gore's investment became $89 million.

Legal Graft, Legal Corruption… Politicians are part of what’s killing America.

They are now trying to pass a law called the STOCK ACT , which also outlines a fantastic history and solution for this problem, which seems to only be getting worse. Apparently, at least one politician thinks the Stock Act is symbolic only, knowing how things have been going lately, if I were a betting man I would put money on his view.

   STOCK Act advances in the Senate

Rep. Sean Duffy Says RESTRICT Act Provides Greater Transparency than STOCK Act
“…Congressman Sean Duffy (R-WI) believes the much-discussed STOCK (Stop Trading On Congressional Knowledge) Act contains significant flaws that render the measure a largely symbolic gesture. “The truth is, there are loopholes in that bill [the STOCK Act] you can drive a truck through,” said Rep. Duffy in an interview with Big Government.


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