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The Real AIG Cover Up by the WH!

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Via(IBDedit0rials)

Stimulating AIG

Government: The administration that is expressing outrage over the AIG bonuses knew about them in advance. They were protected by Sen. Chris Dodd’s amendment to the stimulus package.

Perhaps if the White House had spent less time worrying about Rush Limbaugh and more time watching the bailout money, it wouldn’t have been caught flat-footed voicing faux outrage about the $165 million in bonuses to AIG execs that they now want back and Sen. Chris Dodd wants to tax out of existence.

President Obama was informed about the $165 million in bonuses due employees of the American Insurance Group the day before they were paid out last week, the White House said late Tuesday.

“In the last six months AIG has received substantial sums from the U.S. Treasury,” Obama said after allegedly hearing about it for the first time. “How do they justify this outrage to the taxpayers who are keeping the company afloat?”

Well, they justify it by saying they had the administration’s permission. The New York Times reports that AIG executives said they never would have proceeded with the bonus payments before getting approval from the Treasury and the Federal Reserve.

“We would never make any important business decisions without discussing them with our government managers and owners,” one AIG executive is quoted as saying.

The $165 million in bonuses were not the first bonuses to be paid. According to the Times report, Treasury and Fed officials said they knew AIG had paid $55 million in bonuses in December.

As Larry Kudlow notes in his column on the next page, “the Obama administration — including the president, Treasury man Tim Geithner and economic adviser Larry Summers — knew all about them many months ago. They were undoubtedly informed of this during the White House transition.”

The fact is, these bonuses were made legal by the $787 billion stimulus bill that President Obama promoted and signed. A provision, now known as the “Dodd Amendment,” was inserted into the bill by the chairman of the Senate Banking Committee, Chris Dodd, D-Conn. It exempts from any restrictions bonuses contractually obligated before Feb. 11 of this year.

Dodd admits inserting an amendment, but without the language that exempts the AIG bonuses. “I can’t point a finger at someone who was responsible for putting those dates in,” Dodd told Fox Business. “I can tell you this much: When my language left the senate, it did not include it. When it came back, it did.”

So who exempted AIG in the stimulus bill? “Because of negotiations with the Treasury Department and the bill conferees, several modifications were made,” Dodd spokesperson Kate Szostak said cryptically in a response to Fox Business.

Negotiations with Treasury? What did Timothy Geithner know about this and when did he know it? If Dodd didn’t exempt AIG from bonus restrictions in the stimulus, who did?

Coincidentally, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,000, according to opensecrets.org.  Also coincidentally, one of the largest offices of AIG Financial Products, the division that concocted the goofy financial instruments that doomed AIG, is situated in Connecticut.

The second-largest AIG recipient, at $101,232, was the “choked up with anger” President Obama.  If AIG gives back the bonuses, will the president give back these and other campaign contributions from troubled institutions?

Maybe President Obama can answer these and other questions when he appears on Jay Leno Thursday night. Then again, maybe not.

Oh but where has almost half the bailout money to AIG gone?

Goldman Sachs, and guess where else “European banks”.

God Bless,
The Truth Tracker
Jason R. Bootie
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ACORN Gets Money from Neighborhood Stabilization Programs in Stimulus Bill!

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Via(Newsmax)

Obama’s Bill Hands ACORN $5.2 Billion Bailout

A rising chorus of GOP leaders are protesting that the blockbuster Democratic stimulus package would provide up to a whopping $5.2 billion for ACORN, the left-leaning nonprofit group under federal investigation for massive voter fraud.

Most of the money is secreted away under an item in the now $836 billion package titled “Neighborhood Stabilization Programs.”

Ordinarily, neighborhood stabilization funds are distributed to local governments. But revised language in the stimulus bill would make the funds available directly to non-profit entities such as ACORN, the low-income housing organization whose pro-Democrat voter-registration activities have been blasted by Republicans. ACORN is cited by some for tipping the scales in the Democrats’ favor in November.

According to Fox news, Sen. David Vitter, R-La., could appear to be a “payoff” for community groups’ partisan political activities in the last election cycle.

“It is of great concern to me,” Rep. Marsha Blackburn, R-Tenn., tells Newsmax. “I think our government has stayed strong because we’ve had a two-party system, we have had robust debate, people have felt that it was one man-one vote. They are privileged and grateful that they have that ability to cast that vote. And when something is done to belittle or diminish that, it is of great concern to me.”

Regarding ACORN, Blackburn added, “Additional funds going to these organizations that have tried to skew that system, it causes me great concern and I believe that it causes many of my colleagues great concern.”

The three-term congressman stopped short of suggesting the “neighborhood stabilization” money is a power grab by Democrats seeking partisan political advantage. But radio talk giant Rush Limbaugh did not.

Limbaugh warned his listeners Tuesday: “I’ll tell you what’s going on here: We, ladies & gentlemen, we’re funding Obama and the Democrats’ army on the street. We are funding the forces of the Democrat party’s re-election.”

Blackburn echoed the concerns of Republican leaders who object that the bloated package lacks the short-term stimulus a cut in payroll or sales taxes would provide.

According to Matthew Vadum of the Capitol Research Center, the stimulus package now under consideration includes:

– $1 billion stashed away in Community Development Block Grant money that ACORN often vies for successfully.


– $10 million to develop or refurbish low-income housing, a specialty of ACORN’s.


– $4.19 billion to stave off foreclosures via the Neighborhood Stabilization Program. Vadum states the current version of the bill would allow nonprofits to compete with cities and states for $3.44 billion of the money. Some $750 million, however, would be exclusively reserved for nonprofits such as ACORN, which is actually an umbrella organization for over 100 progressive organizations.


Regarding the Neighborhood Stabilization Program, Vadum writes in American Spectator: “Although ACORN operatives usually get their hands on such funds only after they have first passed through the U.S. Department of Housing and Urban Development or state and local governments, the new spending bill largely eliminates these dawdling middle men, making it easier to get Uncle Sam’s largess directly into the hands of the same people who run ACORN’s various vote fraud and extortion rackets. And the legislative package provides these funds without the usual prohibition on using government money for lobbying or political activities.”

The charges of partisan political payback appear to be resonating in part due to Obama’s longstanding association with partisan get-out-the-vote operations. He was endorsed by ACORN, and during the campaign paid an ACORN affiliate $832,600 to get-out-the-vote assistance. Early in his career, he led a voter drive for an ACORN-affiliated group called Project Vote.

It’s not the first time ACORN has been entangled in a bailout controversy. In September, House Republicans objected that the original $700 billion bailout package included $100 million for ACORN – a tiny fraction of the sums for ACORN now being considered in the stimulus package.

God Bless,
The Truth Tracker
Jason R. Bootie

Another Corrupt Elected Official!!

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Baltimore Mayor Sheila Dixon indicted

Counts of perjury, theft, misconduct in office among 12-count indictment

Baltimore Mayor Sheila A. Dixon was charged today with 12 counts of felony theft, perjury, fraud and misconduct in office, becoming the city’s first sitting mayor to be criminally indicted.

The case stems in part from at least $15,348 in gifts Dixon allegedly received from her former boyfriend, prominent city developer Ronald H. Lipscomb, while she was City Council president. She also is accused of using as much as $3,400 in gift cards, some donated to her office for distribution to “needy families,” to purchase Best Buy electronics and other items for herself and her staff.

Lipscomb was not indicted in the Dixon case, but he and City Councilwoman Helen L. Holton were charged this week in a separate $12,500 bribery scheme. Both cases grew out of a nearly three-year probe by the state prosecutor into City Hall corruption.

The investigation has hung over Dixon, a Democrat, even as she became the city’s first female mayor and oversaw a significant decrease in the city’s homicide rate, reducing killings to a 20-year low. Viewed as an energetic and charismatic leader, she has earned praise from residents for implementing an easy-to-use recycling program and displaying a willingness to tackle the city’s systemic racial and economic disparities.

Article Continues Here:

God Bless,
The Truth Tracker
Jason R. Bootie

Another Obama Staffer in the Wrong kind of Light!

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Grand Jury Probes Richardson Donor’s New Mexico Financing Fee

Via (Bloomberg)

A federal grand jury is investigating how a company that advised Jefferson County, Alabama, on bond deals that threaten to cause the biggest municipal bankruptcy in U.S. history, did similar work in New Mexico after making contributions to Governor Bill Richardson’s political action committees.

The grand jury in Albuquerque is looking into Beverly Hills, California-based CDR Financial Products Inc., which received almost $1.5 million in fees from the New Mexico Finance Authority in 2004 after donating $100,000 to Richardson’s efforts to register Hispanic and American Indian voters and pay for expenses at the Democratic National Convention in 2004, people familiar with the matter said.

The Federal Bureau of Investigation asked current and former officials from the state agency if any staff members in the governor’s office influenced CDR’s hiring, said the people, who declined to be identified because the proceedings are secret. Richardson, who is President-elect Barack Obama’s designate for Commerce Secretary, has a staff of at least 30 people.

Continue story here:

God Bless,
The Truth Tracker
Jason R. Bootie