Peter Schweizer - Throw Them All Out

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Congressmen are big winners in the stock market. They cultivate companies in their loyalty structure from whom they get insider information often at the committee level. There are many ways they get rich while serving constituents, especially if you know what big deal Warren Buffett will do and when. Many names are given in this book of successful inside information operators within Congress.
While Throw Them All Out is our wake up call, it is also a potential training guide for future politicians. After all, Congress is unlikely to change the substance of rules that allow them to make a killing year on year. We should not aspire to do what they do. This would land the rest of us in prison and earn their contempt for us.

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10 Paulson, On the Brink, p. 259.

11 Paulson, On the Brink, p. 260.

12 Paulson, On the Brink, p. 172.

13 Spencer Bachus, Financial Disclosure, 2009.

14 "Lead Financial Services Lawmaker Defends Trading," USA Today, September 23, 2008.

15 Paulson, On the Brink, p. 241.

16 James Moran, Financial Disclosure, 2009.

17 Shelley Capito, Financial Disclosure, 2008.

18 Richard Durbin, Financial Disclosure, 2009.

19 John Kerry, Financial Disclosure, 2008.

20 Rahm Emanuel, Financial Disclosure, 2003.

21 Alex J. Pollock, "GSE Reform on the Way," National Mortgage News, November 15, 2004.

22 http://www.washingtonpost.com/wp-dyn/content/article/2008/09/11/AR2008091102841.html, and Marc Hochstein, "U.S. Senator Is Urging Fannie, Freddie into the Subprime Market," American Banker, July 9, 1999.

23 John Kerry, Financial Disclosure, 2005.

24 Stephen Taub, "Global Blackout: Fannie Mae Freezes Employee Stock Sales," Compliance Week, May 24, 2005.

25 John Kerry, Financial Disclosure, 2006.

26 http://firstread.msnbc.msn.com/archive/2009/06/11/1962038.aspx.

3. IPOs: INVEST IN POLITICIANS OFTEN

1 Nancy Pelosi, Financial Disclosure, 2008.

2 "Visa Inc's $16 Billion IPO Oversubscribed, Analysts Say," MarketWatch.com, March 13, 2008.

3 National Retail Federation, nrf.com/swipefees.

4 "Fierce Fight Expected If Interchange Bill Reaches House Floor," CardLine, July 25, 2008.

5 "Congressmen Conyers and Cannon Introduce 'Credit Card Fair Fee Act,'" CardLine, July 18, 2008.

6 "And a Survey Says Most Americans Support the Act," CardLine, July 18, 2008.

7 "Fierce Fight Expected If Interchange Bill Reaches House Floor."

8 "Pelosi Statement on the House Passage of Expedited Card Reform for Consumers Act," http://pelosi.house.gov/news/press-releases/2009/11/releases-Nov09-card.shtml, November 4, 2009.

9 http://www.nacsonline.com/NACS/News/Daily/Pages/ND0526101.aspx.

10 http://washingtonexaminer.com/politics/2010/12/want-voice-washington-invest-politician.

11 Christine B. Whelan and Tom Hamburger, "Lawmakers Joined Executives in Profiting from IPO Access," Wall Street Journal, September 6, 2002.

12 Benjamin Lesser and Greg B. Smith, "Rep. Ackerman Confirms He Introduced Israeli Officials to Defense Contractor Xenonics," New York Daily News, January 12, 2010.

13 Gary Ackerman, Financial Disclosure, 2005, 2006, and 2007.

14 http://articles.nydailynews.com/2010-01-11/news/17943510_1_ alan-magerman-rep-gary-ackerman-annual-disclosure-forms.

15 Ian Talley, "Pelosi Investment Shows Unlikely Energy Alliance," Wall Street Journal, August 23, 2008.

16 http://seekingalpha.com/article/52737-this-week-s-energy-ipos-approach-resources-osg-america-quest-energy-partners-sandridge-energy.

17 Transcript, Meet the Press, August 24, 2008.

4. THIS LAND IS MY LAND

1 http://earmarks.omb.gov.

2 See Dennis Hastert's Personal Financial Disclosures, Kendall County Records, Doc. #200600025196, and Greg Hinz, "House Speaker Dennis Hastert Reaps Profit—and Controversy—Via Land Deal," Crain's Chicago Business, June 26, 2006.

3 http://www.sfweekly.com/2007-01-03/news/porkmistress-pelosi.

4 http://www.sfmta.com/cms/mcsp/cspover.htm.

5 "Public Transit Boosts Property Values, If Conditions Are Right," National Association of Realtors, http://realtor.org/transtools.

6 http://www.urbantools.org/policy-papers/transportation/light-rail- increases-land-value-a-california-case-study.

7 Matthew Mosk, "Lawmakers Cashing In on Real Estate, Financial Reports Reveal," Washington Post, June 15, 2007.

8 http://www.legistorm.com/earmarks/details/member/504/Rep_Bennie_Thompson_MS/sort/amount/type/desc/year/all/page/3.html, and http://www.opensecrets.org/politicians/earmarks.php?cid=n00003288.

9 http://www.countyofnapa.org/Pages/DepartmentContent.aspx?id=4294968331.

10 http://www.concordmonitor.com/article/226248/tallying-greggs-earmarks-for-nh?CSAuthResp=%3Asession%3ACSUserId%7CCSGroupId%3Aapproved%3ABA4A9537C4BF4594E11F4B09D8217743&CSUserId=94&CSGroupId=1.

11 Judd Gregg, Financial Disclosure, 2001–2008.

12 Sharon Theimer, Associated Press, February 27, 2009.

13 Theimer, Associated Press.

14 Jamie Klatell, "Judd Gregg Joins Goldman Sachs," The Hill, May 27, 2011.

15 Christine Jindra, "Rep. David Hobson Steered Federal Money to Projects Near Properties He Owns," Cleveland Plain Dealer, http://cleveland.com/openers/2008/05/Sabrina_eatonthe_plain_dealer.html.

16 http://oig.tva.gov/PDF/09rpts/OIGMFinalReporttoEthicsComm.pdf.

17 Maurice Hinchey, Financial Disclosure, 2004–2008.

18 http://dailyfreeman.com/articles/2010/05/21/news/doc4bf 60ccc73723880294024.txt.

19 Jeremiah Marquez, "Probe Targets Land Deal," San Bernardino Sun, September 6, 2006.

20 http://www.cnn.com/CNN/programs/anderson.cooper.360/blog/2007/07/earmark-request-hits-close-to-home.html.

21 Chuck Neubauer and Tom Hamburger, "Will the Pork Stop Here?" Los Angeles Times, November 13, 2006.

22 John Solomon and Kathleen Hennessey, "Reid Got $1 Million in Land Deal," Associated Press, October 11, 2006.

5. SPREADING THE WEALTH ... TO BILLIONAIRES

1 Chuck Neubauer and Tom Hamburger, "Obama Donor Received State Grant," Los Angeles Times, April 27, 2008.

2 James Atkinson, "Smart Grid Grants: Not Currently Taxable, but There's a Hitch," SmartGridNews.com, March 12, 2010.

3 Bringing the Outside In, White House blog, http://www.whitehouse.gov, March 20, 2009.

4 https://lpo.energy.gov/?page_id=45.

5 "The Department of Energy's Loan Guarantee Program for Clean Energy Technologies," Audit Report, U.S. Department of Energy, Office of the Inspector General, Office of Audits and Inspections, March 2011, DOE/IG-0849, and Statement of Gregory H. Friedman, Inspector General, U.S. Department of Energy, Before the Subcommittee on Oversight and Investigations, Committee on Energy and Commerce, U.S. House of Representatives, March 17, 2011.

6 Briefing Memo, the White House, October 25, 2010, "Memorandum for the President, From: Carol Browner, Ron Klain, Larry Summers, Subject: Renewable Energy Loan Guarantees and Grants," pp. 1–8.

7 "First Solar Shares Rise on Government Loans News," Associated Press, May 12, 2011, and Duncan Greenberg and Tatian Seuffin, "The Next Billionaire Boom," Forbes.com, April 1, 2009.

8 Lindsay Riddell, "Stimulus Funds Spark Cleantech Projects, IPOs," San Francisco Business Journal, January 6, 2010.

9 Council of Economic Advisers, "The Economic Impact of the American Recovery and Reinvestment Act of 2009, Fifth Quarterly Report."

10 Leslie Wayne, "Democrats Look to Lobbyist to Finance Convention," New York Times, July 14, 2008.

11 To learn more about Mr. Westly's exploits, read the joint investigative report on him by the Center for Public Integrity and ABC News: Ronnie Greene and Matthew Mosk, "Green Bundler with the Golden Touch: Obama Fundraiser Got Clean Energy Aid, Then Perch to Advise Energy Secretary," March 30, 2011.

12 "It's Official: Solynara Is First Solar Company Awarded Federal Loan," Wall Street Journal, September 4, 2009, and "Obama's Kaiser Ties Criticized," Tulsa World, April 1, 2008.

13 Iris Kuo, "Solyndra and Government Support for Clean Tech Under Fire," Reuters.com, February 22, 2011.

14 Yuliya Chernova, "Loan was Solyndra's Undoing," Wall Street Journal, September 16, 2011.

15 Lucy Johnson et al., Synapse Energy Economics, April 13, 2010, and "Phase Out Federal Subisidies for Coal," Coal Utilization Research Council, Issue Brief: DOE Guaranteed Loan Program, January 2010.

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