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2018-08-10 07:00 by Karl Denninger
in Corruption , 256 references Ignore this thread
Ok, Jackasses, HOW Did This Happen?
[Comments enabled]

Explain it folks.

sitting Congressman is on the board of a publicly-traded company.

Granted, a company not based in the US, but nonetheless explain to me exactly how and why this is legitimate, tolerated, and permitted by the US House?

Now he's been indicted for insider trading and has refused to resign.  But that's not the story.

The story is how is it that he came to be in Congress and on the board of the firm at the same time?

Never mind his committee assignments, which included direct oversight of the industry in question.

This is rank corruption that at first blush appears to be on the scale of Feinswine having a Chinese spy as an office manager (no, not "just a driver"), and neither she or he have been arrested or indicted -- for anything!

But in fact it's much worse because this is the sort of conflict of interest that, had anyone in the House given a damn, would have been forced into the open and resolved long before any insider trading could have happened.  The obvious - - that his oath of office and possibly violations of the law are implicated simply by holding both posts at once due to the requirement that he, as a Congressperson, have undivided loyalty to his Congressional position, is bad enough.

What's worse is when he sits on regulatory committees with authority over that industry.

I have an answer to the "how" question coming up shortly on The Market Ticker folks... and it might -- just might -- be the most important article I have ever published.

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Benthere
Posts: 48
Incept: 2018-06-16

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That's how pieces of **** like |Reid and \Pelosi retire having amassed millions or massively grow their existing wealth while doing the peoples business
Eaandkw
Posts: 20
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Now in Texas
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I could be wrong but I was under the assumption that congress exempted themselves from insider trading. How else could anyone take their salary of 100 grand or so and turn in into millions in a few years. The insider trading isn't just in the stock market. Its in real estate and business contracts as well.
Benthere
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They used to be, even those hypocritical bastards had to reverse course.
Darquefybre
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Ventura, CA
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Consent of the governed.
Zappafan
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Atlanta
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Anyone elected to public office, I don't care if it is for County commissioner or the President, should have to put their assets in a blind trust and resign from any corporate board they serve on. Especially if it is a public company.

How we got here? We ceased to be a functional democratic republic sometime around 2001-2008. We're now a kleptocracy.

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"Americans like to talk about (or be told about) Democracy but, when put to the test, usually find it to be an inconvenience. We have opted instead for an authoritarian system disguised as a Democracy. We pay through the nose for an enormous gvrnment, let it push us around, and then wonder how all those .. got there"
Comrader
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pa
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previously they just put their wives or sons or daughters on the boards of companies that they regulated. they are progressive!
Jack_crabb
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Peoples' Republik of Maryland
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Quote:
We ceased to be a functional democratic republic sometime around 2001-2008. We're now a kleptocracy.


It happened a lot earlier than that. No later than the early 20th century. The Federal Reserve and the 16th and 17th Amendments solidified it.

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Molon Labe
Where is Henry Bowman when you need him?
How many are willing to pledge this? We mutually pledge to each other our Lives, our Fortunes, and our Sacred Honor
Zappafan
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Atlanta
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Jack_crabb - right, we can debate the date but either way the joke is on anyone who thinks this is still a place where the rule of law matters. Occasionally they'll sacrifice a low-level guy like Collins (house rep from a not very powerful district in WNY) to give the appearance of democracy and a fair application of the law to the masses.

Note that as Karl pointed out, Diane Feinstein walks scott-free ... look at her district and how much money she probably brings in donations vs. Collins. Also another win for coastal elites ... they get a different set of rules than the rubes in flyover country.

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"Americans like to talk about (or be told about) Democracy but, when put to the test, usually find it to be an inconvenience. We have opted instead for an authoritarian system disguised as a Democracy. We pay through the nose for an enormous gvrnment, let it push us around, and then wonder how all those .. got there"

Jack_crabb
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Exactly, Zappafan, exactly.

"We don't need no stinkin' rule of law"

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Molon Labe
Where is Henry Bowman when you need him?
How many are willing to pledge this? We mutually pledge to each other our Lives, our Fortunes, and our Sacred Honor
Patriarch
Posts: 1191
Incept: 2007-10-18

your account summary
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http://www.foundsf.org/index.php?title=R....

But (Nancy) Pelosi, winner of the 2003 Cesar Chavez award from the United Farm Workers, hires only nonunion workers and sells these grapes to nonunion wineries. ...

Which makes Pelosi's steadfast opposition to any attempts to enhance border security and stem the flow of illegal immigration into the U.S. all the more interesting since she seems to be among those rich employers who financially benefit from a steady supply of cheap foreign labor. ...

The source book, Do As I Say (Not As I Do), also has this quote on pages 150-151:

The Pelosis own a large stake in an exclusive, fifty-room hotel and resort in Napa, California. Auberge du Soleil features a world-class French restaurant, a luxury spa, and beautiful rooms with cottages, all in the ambience of Provence...The hotel resort has more than fifty rooms and boasts more than 250 employees - but it is a strictly nonunion shop. The dishwashers, maid staff, busboys, and bellboys (many of them Hispanic immigrants) might be targeted in membership drives by HERE (note: an AFL-CIO union), but at Auberge they will have to face management alone.

[snip]

... the Pelosis are also partners in a restaurant chain called Piatti. ... The chain boasts sixteen restaurants in five states and has more than nine hundred employees. ... But work there ... and you can't get a union card. As with Auberge du Soleil, at Piatti the Pelosis' commitment to organized labor ends at the front door.

W Clinton - Loral deal giving rocket tech to the Chinese - political payback

H Clinton - Huma Abedin and unsecured e mail server - God knows what damage that will really do

Rethuglican named above - He needs to be taken off all committees and isolated as a cancerous growth. IMMEDIATELY.

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Our elected take an oath to serve. Time to add: I will not serve in a capacity which I am not able to comprehend or am incapable of by mental defect of any kind, nor will I use the excuse of intellective deficiency if found in violation of this oath/affirmation, which backs charging wayward politicians with treason.
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