The stench of corruption in Washington is rising.
In my posting of 10/27/2011, Insider Trading Legal for Members of Congress, I wrote of this blatant and self-serving abuse of power.
On Friday, Sarah Palin blasted rampant corruption in Washington calling it an “endemic problem” affecting both parties.
Palin’s remarks came in an op-ed column in The Wall Street Journal, in response to revelations this week that Congress has exempted itself from the prohibitions against insider trading. A CBS 60 Minutes expose also aired last Sunday that explained that under current law, members of Congress are free to profit off of equity swings tied to pending legislative actions decisions they are privy to as members of Congress.
“How do politicians who arrive in Washington, D.C. as men and women of modest means leave as millionaires?” Palin asks in her column. “How do they miraculously accumulate wealth at a rate faster than the rest of us? How do politicians’ stock portfolios outperform even the best hedge fund managers?”
Palin’s answer: “Politicians derive power from the authority of their office and their access to our tax dollars, and they use that power to enrich and shield themselves.”
The CBS 60 Minutes expose on Sunday highlighted trades made by former House Speaker Nancy Pelosi (D-CA) and by Spencer Bachus, (R-AL), chairman of the House Financial Services committee.
Bachus received private briefings in 2008 from the Treasury Secretary and the Chairman of the Federal Reserve warning that the financial system was about to implode. He then made a series of investments that would generate profits as the market tanked. Bachus disputes these allegations.
Pelosi also has denied making any inappropriate investments. Sources say Pelosi and husband Paul, an investor, bought stock in Visa when the House was considering a bill that would limit credit card companies’ ability to levy fees on consumers — a significant source of their revenues.
Among the “money-making opportunities” for members of Congress Palin exposes in her column:
Insider Trading – using government information not available to the public at large to predict which companies’ stocks will rise or fall.
IPO Gifts – While it is illegal for members of Congress to accept cash gifts from interested parties, there is no restriction on their being offered initial public offerings in firms, which can be very profitable.
Self-Serving Earmarks – Some members of Congress have submitted infrastructure earmark requests for their districts that appeared to increase their value of their real estate holdings.
Encouraging Campaign Donations – Palin calls this “subtly extorting campaign donations through the threat of legislation unfavorable to an industry.”
“From now on, laws that apply to the private sector must apply to Congress, including whistleblower, conflict-of-interest, and insider trading laws,” wrote Palin. “Trading on nonpublic government information should be illegal both for those who pass on the information and those who trade on it.”
***Ed Randazzo, is a nationally syndicated author. He has been a conservative activist and consultant for over 30 years and is currently the Chief News Editor of Life and Liberty Media***
Sarah Palin has nothing new to say. She is as corrupt as anyone else, taking advantage of our political system and media just to make herself rich. Try citing real authorities.
I’m sorry that I missed the notification that you are the judge of all things and all people. It must be a great burden.
Am I to assume that you are ok with the fact that Congress is exempt from insider trading laws or did you not want to deal with facts? Did we step on your Pelosi?