Government Corruption and Treason

Grayson: Fight Now or 'Kiss Your Country Goodbye' to Exxon, Wal-Mart

Congressman says of recent Supreme Court ruling removing decades of campaign spending limits on corporations "opens the floodgates for the purchases and sale of the law."

January 22, 2010

AlterNet.org - Responding to the Supreme Court's ruling Thursday to overturn corporate spending limits in federal elections, progressive firebrand Rep. Alan Grayson (D-FL) immediately highlighted a series of moves to "avoid the terrible consequences of the decision."

"If we do nothing then I think you can kiss your country goodbye," Grayson told Raw Story in an interview just hours after the decision was announced.

"You won't have any more senators from Kansas or Oregon, you'll have senators from Cheekies and Exxon. Maybe we'll have to wear corporate logos like Nascar drivers."

Grayson said the Citizens United v. Federal Election Commission ruling -- which removes decades of campaign spending limits on corporations -- "opens the floodgates for the purchases and sale of the law."

"It allows corporations to spend all the money they want to buy and sell elected officials through the campaign process," he said. "It allows them to reward political sellouts, and it allows them to punish elected officials who actually try to do what's right for the people."

Fearing this decision before it became official, Grayson last week filed five campaign finance bills and a sixth one on Thursday. Grayson said the bills are important to securing the people's "right to clean government."

The bills have names like the Business Should Mind Its Own Business Act and the Corporate Propaganda Sunshine Act. The first slaps a 500 percent excise tax on corporate spending on elections, and the second mandates businesses to disclose their attempts to influence elections. More details are available on the congressman's Web site.

"These bills will save us from drowning in corporate money and special interest money," Grayson said. "They should have been passed a long time ago but after the Supreme Court opened those floodgates, I think it's imperative we get these things done."

Reforming campaign finance laws has been a daunting task, as senators Russ Feingold (D-WI) and John McCain (R-AZ) have made concerted attempts and failed.

"I'm very optimistic," Grayson said. "I discussed the bills with the leadership when I filed them, which was a week ago in the case of the first five."

"The bills are short and readable, which frankly is pretty unusual these days," he said. "The longest one is four pages long and there are six of them."

Grayson has created the Web site SaveDemocracy.net to gather petitions in support of his bills. On Friday at 8:30 AM EST there were nearly 40,000 signatories.

'Worst Supreme Court decision since the Dred Scott case'

The first-term congressman from Florida had an ominous view of the consequences of embracing the decision.

"Anytime Exxon feels like it, Exxon can go and claim one of the 435 Congressional districts in this country, and drop $100 million in cash to pay for ads to knock off anybody they don't like. To them, that's an insignificant amount of money" ...

Geithner Told to Quit After E-Mails Reveal Involvement in AIG Cover-up

January 27, 2010

Prison Planet.com - Treasury Secretary Timothy Geithner’s denial that he played any role in the AIG cover-up is contradicted by emails which confirm that both Geithner and the New York Federal Reserve were both intimately involved in keeping details about payments to banks including Goldman Sachs from the public.

Geithner told lawmakers today that he had no involvement in withholding information about the bailout of AIG, much to the chagrin of House Oversight Committee Ranking Member Darrell Issa, who wasn’t buying it for a second.

“He has asserted complete ignorance of the Fed’s efforts to cover up the bailout details,” said Issa, R-Calif. “Many Americans, including members of this Committee, have a hard time believing that Secretary Geithner entered an absolute cone of silence on the day that his nomination was announced.”

John Mica of Florida went further, calling for Geithner to quit as a result of the scandal.

“Why shouldn’t we ask for your resignation?” Mica asked Geithner. “We’re not getting the whole story, we’re getting the blame story. You’re either incompetent on the job or you knew what was taking place and you tried to conceal it, and I think that’s grounds for your review.”

Mica characterized Geithner’s denials as “lame excuses” as the Treasury Secretary became visibly angry.

In November and December 2008, The Federal Reserve Bank of New York, headed up by Geithner, instructed the bailed out AIG to hide from the public details regarding payments the insurance giant made to banks, including Goldman Sachs Group Inc. and Societe Generale SA.

Using Fed secured taxpayer bailout money, AIG paid several banks 100 percent of the face value of credit-default swaps, as other financial institutions were negotiating deep discounts for the unregulated paper assets that do not have to be backed by cash.

The decision to pay the banks in full may have cost AIG, and therefore taxpayers, at least $13 billion over the odds.

The “backdoor bailout” of the banks, as it has been dubbed was exposed in March 2009 after the SEC challenged AIG’s filing, however, e-mails obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee, reignited the situation after they conclusively exposed a collusion between AIG and the Fed to deceive the public.

The e-mails between company and regulator show that The New York Fed crossed out reference to the payments and that AIG also omitted the details when the Securities and Exchange Commission filing was made public on Dec. 24, 2008.

The emails, the content of which are highlighted in this Bloomberg News article, also show that the Fed wanted numerous other details about the AIG bailout withheld or delayed from public oversight ...