Peter Flaherty's blog

CNBC: Flaherty Criticizes Obama/CEO Summit

I discussed President Obama's CEO "summit" today with David Callahan, the author Fortunes of Change: The Liberal Rich and the Remaking of America. CNBC hosts are Melissa Francis, Sue Herrera and Michelle Caruso-Cabrera. Here is a transcript:

Flaherty Rips Outgoing Pfizer CEO Jeffrey Kindler for Supporting ObamaCare on Fox Business Channel

Yesterday, I discussed the resignation of Pfizer CEO Jeffrey Kindler with Stuart Varney on Fox Business Channel. Here is a transcript:

Rangel Confronted With New Ethics Allegations

Appearing on New York City's Channel 5 this morning, Rep. Charles Rangel (D-NY) was asked about allegations that he improperly used funds from his so-called National Leadership PAC for his legal defense in his House ethics case. Rangel responded by calling the allegations "ridiculous" and attacking NLPC.

Pfizer CEO Jeffrey Kindler Resigns Even Sooner Than We Predicted

Kindler photoPfizer CEO Jeffrey Kindler has unexpectedly announced his resignation. NLPC recently filed a shareholder proposal with Pfizer critical of the company's deal with the White House to support ObamaCare. We foresaw Kindler's retirement in the resolution's supporting statement:

If ObamaCare fails to control health care costs, as several studies now suggest, the government will seek savings through price controls. Shareholders ultimately will lose. Perhaps Kindler plans to retire before Pfizer is required to sell its products for less than the cost of production.

We were more prescient than we realized.

Rep. Gregory Meeks Failed to Report Gambling Winnings

Meeks photoBenjamin Lesser of the New York Daily News reports today that Rep. Gregory Meeks (D-NY) on November 17 amended his 2008 financial disclosure forms to show $3,500 in "gambling winnings." This disclosure, late by two years, raises more questions than it answers. According to the Daily News:

The amendment does not say how Meeks won the money, where he was gambling or how much he bet. It merely says: "In 2008, I had gambling winnings of approximately $3,500."

House Censures Charles Rangel; Ex-Ways and Means Chair DID Profit From Corruption

On the House floor tonight, Rep. Charles Rangel (D-NY) again asserted that he did not personally gain from the acts of which he is accused, notwithstanding the fact that he failed to report, or pay taxes on, rental income received from his Dominican Republic beach house. Rangel seems to believe that if you repeatedly say something, it becomes true, no matter how absurd.

We Welcome Charles Rangel Censure, But Criminal Prosecution Must Follow

Rangel & Holder photoToday's imminent censure of Rep. Charles Rangel (D-NY) is the result of Ethics Committee investigations that went much further than we expected, even after we exposed Rangel's failure to pay taxes on income from his Dominican Republic beach house and his acceptance of corporate-funded Caribbean junkets.

Rangel filed the ethics complaint against himself in late 2008. He no doubt expected the Committee to cover up for him, fulfilling the same role it has played during Rangel's 40 years in Congress. Rangel seems amazed that the accusations against him could result in his censure. Perhaps he feels betrayed by the Democratic leadership and the institution of Congress that traditionally has taken care of its own.

Timeline of Rangel Ethics Scandal

NY Post/RangelThe start of the Rangel scandals can be pegged to David Kocieniewski's New York Times story in July 2008. His article prompted us to begin our review of Rangel's finances, resulting in our exposé of Rangel's tax evasion and his acceptance of corporate-funded junkets.

It should be noted, however, that New York Post reporter Geoff Earle wrote a year earlier about Rangel's solicitation of corporate money for the Rangel Center.

July 23, 2007- Geoff Earle of the New York Post reports that Rangel is soliciting funds for the Charles B. Rangel Center for Public Service from corporations that have interests before Congress, and that Rangel secured a $2 million "seed money" earmark from Congress.

CNBC: Flaherty Says Open GM IPO to All (But Retail Investors Should Not Buy)

Today, I debated whether GM should set aside IPO shares for taxpayers with Julian Epstein, LMG CEO and Democratic strategist. CNBC hosts are Trish Regan and Melissa Francis. Here's a transcript:

New Congress Must Defund Legal Services Corporation, AARP, and Soros

John Boehner photoIn the previous years, NLPC has demanded an end to taxpayer funding for the Legal Services Corporation (LSC), AARP and George Soros’ private foundations, only to be rebuffed by Democratic and Republican Congresses. The incoming Congress was elected to cut out inappropriate spending. The practice of collecting money from all taxpayers and using it to promote political causes with which many disagree is simply unethical. Incoming House Speaker John Boehner (R-OH) must put a stop to it.

Legal Services Corporation- This year, LSC is receiving $420 million in tax dollars. LSC funds 136 local groups to provide civil (not criminal) day-to-day legal help to poor people. Unfortunately, many LSC-funded lawyers instead spend their time on liberal political and social causes.

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