Friday, January 27, 2012
Send me a bill that bans insider trading by members of Congress. I will sign it tomorrow. Let’s limit any elected official from owning stocks in industries they impact.Of course, Peter Schweizer, Governor Palin's foreign adviser, recently wrote the eye-opening book, Throw Them All Out, in which he pulls the blanket off the insider trading, crony capitalism, and blatant corruption existent in Congress--and names names. Today, Mr. Schweizer published a letter addressed to President Obama. Via Foxnews.com, here are some of the highlights:
He lays the foundation:
Dear President Obama,
I watched your State of the Union address on Tuesday night and I want to welcome you aboard the reform train. You had some pointed things to say about congressional insider trading, which was a center point of my book "Throw Them All Out" which was published last November.
He gets specific:
I laid out how former House Speaker Nancy Pelosi was getting rich off of stock IPOs and how her predecessor Dennis Hastert had a sweetheart land deal that included earmarks to build a highway near some land he bought.
I described the flurry of stock trades that people on both sides of the aisle were making while they were crafting and debating your health care reform legislation (ObamaCare) in 2009.
And I disclosed how Congressman Spencer Bachus of Alabama actually bought stock options to short the market after he got a private briefing from the Fed Reserve chairman and Treasury Secretary Timothy Geithner during the financial crisis.
From where you were standing, can you tell me if any of these people stood and applauded when you called for a ban on insider trading? I can’t tell from the video.
He praises the President for reading portions of his book:
I imagine that you (or more accurately your staff) read at least some of the chapters. Your two proposed solutions to the problem came straight out of the last chapter in my book.
For example, you called for making congressional insider trading illegal (which I mention on page 174) as well as preventing members of congress from trading stock in companies that fall under the purview of their committees.
I also proposed that legislation on page 174. Glad to know you think these are good ideas.
He points the President to parts of the book he obviously missed or chose to ignore:
In my book I point out that crony capitalism is a problem in the executive branch, too. (Maybe you skimmed over this part of the book?) In the State of Union address you continued to push government programs for green energy.
But in Chapter 5 of "Throw Them All Out," I demonstrated in great detail how your Department of Energy sent most of this money to wealthy individuals who funded your campaign in 2008.
I found at least 10 members of your national finance committee and at least a dozen bundlers who got sweetheart deals. (You can find the names in my book on pages 88, 100-1. I’m sure these names will be familiar to you. They are the same people who are currently raising money for your reelection.)
Read the full piece here.
Numerous times, Governor Palin has implored people to digest the contents of Throw Them All Out. She has a record of taking on corruption, so it's certainly no surprise that she and Peter Schweizer, another anti-corruption, anti-cronyism warrior, are so closely aligned. He, too, is unafraid to call it like he sees it--and he sees it like it is.
We anxiously await President Obama's response.
(h/t Kenton Lodwick)