Are the anti-Wall Street protestors demonstrating against themselves? The richest and most prominent Wall Street executives overwhelmingly supported and bankrolled Barack Obama’s presidential campaign in 2008.
And on Wall Street, little distinction is made between liberal Democrats and avowedly socialist activist groups. The big banks financed ACORN. Although ACORN has disbanded in the wake of scandal, the JPMorgan Chase Foundation, formerly headed by White House Chief of Staff William Daley, continues to fund similar groups committed to undermining capitalism and debasing democracy.
Goldman Sachs and other big financial institutions lobbied for Dodd-Frank, which institutionalizes the “too big to fail” policy. In doing so, Goldman and the others support the same type of politically directed capital allocation as advocated by the people in the streets.
The Fortune 500 companies are headed by executives, many of whom attended elite liberal universities and came of age during the late 60s and early 70s. … Read More ➡
Allegations that we first made in February about White House political favors for a company called LightSquared are starting to get the attention they deserve.
LightSquared is owned by the Harbinger Capital hedge fund, headed by billionaire investor Phil Falcone. He visited the White House and made large donations to the Democratic Senatorial Campaign Committee. Soon after, the Federal Communications Commission (FCC) granted LightSquared a highly unusual waiver that allows the company to build out a national 4G wireless network on the cheap.
The deal has been criticized not only for its ‘pay to play’ appearance but also because the LightSquared network would interfere with the part of the wireless spectrum that is used by Global Positioning Systems (GPS).
On its iwatch news website, the Center for Public Integrity published a blockbuster special report on Wednesday confirming that LightSquared “pressed its case… at times citing its fundraising for Democratic causes … Read More ➡
The Internal Revenue Service (IRS) has unexpectedly and retroactively granted tax-exempt 501 (c)(3) status to the Barack H. Obama Foundation following our formal Complaint that the Foundation was soliciting tax-deductible contributions without such status.
The Foundation is headed by Abon’go Malik Obama, President Obama’s half-brother, and named for their common father. It came under scrutiny earlier this year when NLPC raised questions about its tax status and what has happened to the money it has raised.
It normally takes at least six months, and usually longer, for the IRS to grant tax-exempt status to an organization following its application. It appears that the earliest that it could have applied was May of this year, yet it received a determination letter in June, retroactive to 2008.
According to a May 8 New York Post story by Isabel Vincent and Melissa Klein:
Alton Ray Baysden, a former State Department employee at whose
… Read More ➡
President Obama will not use the word “stimulus” in apparent recognition that his previous policies have failed. Instead, he will use the word “investment,” which is a complete misnomer. An expenditure can only be called an investment if there exists the possibility of a profit.
Infrastructure spending by the federal government promotes corruption because the work goes to the most politically well-connected contractors. At the state level where the money is spent, it is often “pay to play.”
Since decisions about infrastructure spending often result from a brokered process (witness Congressional earmarks), there is often a disconnect between the spending and where it is needed most.
Politicians collude with unions to increase the costs of construction through what are called Project Labor Agreements. These pacts are supposed to guarantee labor peace, but what they actually do is pad the costs of labor to the benefit of politically well-connected unions.
Federal … Read More ➡
Tom Anderson, director of NLPC’s Government Integrity Project, has raised questions about the recent Yahoo Sports exposé of the University of Miami football program. The explosive July 16 story by Charles Robinson has already led to suspensions by the NCAA of eight current Miami players.
Anderson does not argue that the players are innocent of NCAA rules violations, but cites evidence that current and former players may been targeted by Ponzi-schemer Nevin Shapiro (in photo) in order to direct blame away from other parties, including coaches. Anderson became involved in the issue due the overlap of this sports scandal with political corruption in south Florida.
Fox Sports columnist Jason Whitlock has highlighted some of Anderson’s criticisms of the original Yahoo/Robinson piece. For instance, one of Robinson sources is Shapiro’s ex-girlfriend who is unidentified because she is allegedly “afraid of reprisals from Miami football players.” Whitlock writes:
“Why didn’t Yahoo! ask
… Read More ➡
On Friday, a federal grand jury in Brooklyn, New York indicted Edul Ahmad, a Guyanese businessman who was last month arrested in a $50 million mortgage-fraud scheme. Ahmad made an unsecured personal loan to Rep. Gregory Meeks (D-NY) that was repaid only after Meeks’ finances came under scrutiny by the FBI.
In January 2010, we exposed Meeks involvement in a charity called New Direction Local Development Corporation that raised money for Hurricane Katrina victims who never received it, among other questionable dealings. In March, we asked the House Ethics Committee to investigate Meeks for paying $830,000 for a newly built home in 2006 that was worth more than $1.2 million. Media coverage of these events apparently triggered the FBI inquiry.
On July 22, the FBI reportedly removed Ahmad in handcuffs from a Guyana-bound aircraft on the tarmac at JFK International Airport. According to an FBI press release, the scheme worked … Read More ➡
Carol Leonnig of the Washington Post writes today that the House Ethics Committee is planning to spend $500,000 for an investigation of Rep. Maxine Waters (D-CA), and the Committee’s own staff.
Last month, the Committee announced the hiring of Billy Martin to review the actions of the Committee’s staff that were cited as a reason to push the Waters trial beyond last November’s elections. Martin would then proceed to investigate the Waters matter if he determines that the staff’s previous conduct was not sufficiently prejudicial to dismiss the case, as she has requested.
As Leonnig reports:
Ethics watchdogs from both ends of the political spectrum praised the hiring of outside counsel, but they said the move makes clear that Congress is failing to properly police its own and sorely needs a new process.
“If there’s one thing to learn from all this it’s that the ethics system is not
… Read More ➡
On August 5, the House Ethics Committee announced that it has accepted a recommendation by the Office of Congressional Ethics (OCE) to “further review an allegation that Representative (Gregory) Meeks failed to disclose a payment he received in 2007 in a timely manner.”
The payment was an unsecured $40,000 “loan” from Edul Ahmad, a Guyanese businessman who was last month arrested in a massive mortgage-fraud scheme. On July 22, the FBI reportedly removed Ahmad in handcuffs from a Guyana-bound aircraft on the tarmac at JFK International Airport.
According to a report issued by OCE and released by Ethics Committee, Meeks “refused to cooperate with the OCE investigation.”
Meeks first disclosed the “loan” in June 2010 after the FBI began investigating his finances. In January 2010, we exposed Meeks involvement in a charity called New Direction Local Development Corporation that raised money for Hurricane Katrina victims who never received it, among … Read More ➡
On Friday, the FBI arrested Ed Ahmad, the Guyanese businessman who made an unsecured $40,000 loan to Rep. Gregory Meeks (D-NY) that Meeks failed to publicly disclose as required. Ahmad was charged with mortgage fraud in connection to a wide-ranging scheme that involved faking income for applicants and the use of straw buyers. He was reportedly released on $2.5 million bail.
According to one report, “Ahmad had already boarded Delta 383 at JFK International to head to Guyana when Federal agents boarded the aircraft, handcuffed him and removed him from the aircraft.”
As first reported in the New York Daily News, Meeks made no payments on the loan, and repaid it only after the FBI started asking questions. Meeks used the money to finish paying off his new home, sources told the Daily News.
Meeks first disclosed the loan on his financial disclosure report that all members … Read More ➡
Karl Rodney, the organizer of the Caribbean junkets that contributed to the downfall of Rep. Charles Rangel (D-NY), was sentenced today in the U.S. District Court for the District of Columbia to two years probation and 500 hours of community service. He was also fined $2,500. District Judge Emmet Sullivan included no jail time in the sentence.
The courtroom was filled with Rodney’s supporters, many of whom made the trip down from New York City. Singer Harry Belafonte offered good wishes by letter. NLPC Chairman Ken Boehm was also in attendance. Boehm said, “I believe that at least some jail time would have been appropriate, but at the same time, Rangel himself has not even been prosecuted and he was guilty of far worse.”
Rodney had previously pled guilty to lying to Congress. During the Justice Department investigation, NLPC received a Grand Jury subpoena to provide photographs, audio recordings, and … Read More ➡