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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16 http://www.recovery.gov/Transparency/RecipientReportedData/pages/RecipientProjectSummary508.aspx?AwardIdSur=75488&AwardType=Grants.

17 Lindsay Riddell, "Solar Trust Wins $2.1 Billion Loan Guarantee." San Francisco Business Times, April 18, 2011, and Paul Bedard, "Exxon, Chevron, BP Greased Obama's Campaign," U.S. News & World Report, March 14, 2011.

18 Todd Woody, "Reading the Fine Print of Brightsource's $250 Million IPO," Forbes.com, April 22, 2011.

19 Jim McTague, "Our Tough-Luck President," Barrons.com, July 10, 2010.

20 Robert Yoon, "Goldman Sachs Was Top Obama Donor," CNN.com, April 20, 2010.

21 http://wallstcheatsheet.com/trading/first-solar-shares-lead-todays-gains.html.

22 "Recovery Act Funds Support Geothermal Project Loan Guaranteed," Environmental News Service, February 28, 2011.

23 http://www.recovery.gov/Transparency/RecipientReportedData/pages/RecipientProjectSummary508.aspx?AwardIdSur=80623&AwardType=Grants.

24 Anne C. Mulkern, "Stimulus Cash Flowed to Completed, Under-Way Renewable Energy Projects," New York Times, October 19, 2010.

25 Mulkern, "Stimulus Cash Flowed to Completed, Under-Way Renewable Energy Projects."

26 Kristen Lombardi and John Solomon, "Billions in Stimulus Money Given to Polluters," Washington Post, November 29, 2010.

27 Julie Rose, "Duke Energy Gives Democratic Convention Backing," NPR.org, April 15, 2011.

28 Erika Lovely, "Obama Biggest Recipient of BP Cash," Politico, May 5, 2010.

29 Mulkern, "Stimulus Cash Flowed to Completed, Under-Way Renewable Energy Projects."

30 David Callahan, Fortunes of Change: The Rise of the Liberal Rich and the Remaking of America (New York: John Wiley and Sons, 2010), p. 36.

31 Laura Litvan, "Emanuel Consults Buyout-Firm Allies in Debate Over Tax Increase," Bloomberg.com, July 26, 2007.

32 http://www.xconomy.com/seattle/2008/11/06/arch-co-founder-bob-nelsens-historic-close-up-with-president-elect-obama-and-the-tears-of-jesse-jackson.

33 http://www.businessinsider.com/meet-the-man-who-bought-jamie-dimons-house-michael-polsky-2010-9.

34 Greene and Mosk, "Green Bundler with the Golden Touch."

35 Greene and Mosk, "Green Bundler with the Golden Touch."

36 Michael Scherer, "How Fundraising Helped Shape Obama's Green Agenda," Time, March 15, 2010.

37 Dan Primack, "Amyris IPO: Which VC Backers Are (and Aren't) in the Black," CNNMoney.com, September 29, 2010.

38 http://english.unica.com.br/clipping/show.asp?cppCode=2757BCFA-ED51-44C5-8F0F-7C9C2E687D23.

39 http://www.telegraph.co.uk/earth/energy/6491195/Al-Gore-could-become-worlds-first-carbon-billionaire.html.

40 Jonathan Alter, The Promise: President Obama, Year One (New York: Simon and Schuster, 2010), p. 89.

41 Alter, The Promise, p. 60.

42 http://www.energy.gov/recovery/documents/RecoveryActCrop ped_24-34.pdf.

43 Paul Davidson, "Smart-Grid Standards an Issue in Economic Stimulus Bill," USA Today, February 4, 2009, and Alex Yu Zheng, "Stimulus Package Will Create Winners in Smart Grid Standards," SmartGridNews.com, February 17, 2009.

44 Matthew Wald, "U.S. Backs Project to Produce Fuel from Corn Waste," New York Times, July 6, 2011.

45 http://www.cmo.com/leadership/conversation-cmo-year-finalist-wesley-bolsen-coskata-inc.

46 Steve Coll, "Crony Capitalism," The New Yorker, July 2, 2009.

6. WARREN BUFFETT: BAPTIST AND BOOTLEGGER

1 Andrew Clark, "Banking Crisis: Warren Buffett Sees US Bailout as a Golden Opportunity," Guardian, September 24, 2008.

2 http://www.bloomberg.com/news/2011-05-09/berkshire-will-record-1-25-billion-gain-on-goldman-redemption.html.

3 John McCormick, "Buffett Is Obama Meal Ticket," Chicago Tribune, August 16, 2007.

4 Ben Nelson, Financial Disclosure, 2008.

5 Jeff Zeleny, "Obama Sells Bailout Plan to Skeptics," New York Times, October 1, 2008.

6 "Buffett Calls Bailout Bill 'the Right Thing,'" New York Times, September 24, 2008.

7 Daniel Dombey et al., "U.S. Bill to Contain Payback Provision," Financial Times, September 29, 2008.

8 http://www.msnbc.msn.com/id/26976416/ns/business-us_business/t/warren-buffett-invests-billion-ge/#.TjhN1M033V0.

9 Charles Piller, "Bailout Helps Buffett Plenty," Houston Chronicle, April 4, 2009.

10 Daron Acemoglu et al., "The Value of Political Connections in the United States," Social Science Research Network, December 2010.

11 Ran Duchin and Denis Sosyura, "The Politics of Government Investment," Ross School of Business Working Paper No. 1127, University of Michigan, April 2011.

12 Robert Lenzner, "Calling Out Politically Connected Banks," Forbes.com, April 25, 2009.

13 Piller, "Bailout Helps Buffett Plenty."

14 Rolfe Winkler, "Buffett's Betrayal," blogs.reuters.com, August 4, 2009.

15 Piller, "Bailout Helps Buffett Plenty."

16 http://seekingalpha.com/article/100720-here-i-go-criticizing-warren-buffett.

17 Henry M. Paulson, Jr., On the Brink: Inside the Race to Stop the Collapse of the Global Financial System (New York: Business Plus, 2010).

18 http://blogs.wsj.com/deals/2011/04/21/warren-buffetts-profit-on-ge-investment-1-2-billion.

19 http://www.nytimes.com/2010/11/17/opinion/17buffett.html.

20 http://www.futureofcapitalism.com/2010/11/buffett-thanks-uncle-sam.

21 Andrew Frye, "Sokol Violated Berkshire Insider-Trading Rules, Audit Finds," Bloomberg.com, April 27, 2011.

22 Josh Mitchell, "Rail Deal Is Bet on Obama's Infrastructure, Climate Policies," Wall Street Journal, November 3, 2009.

23 Mitchell, "Rail Deal Is Bet on Obama's Infrastructure, Climate Policies."

24 See, for example, http://www.whitehouse.gov/the-press-office/2011 /02/08/vice-president-biden-announces-six-year-plan-build-national-high-speed-r.

25 Matthew Lewis, "Buffett's New Company Sure Knows How to Lobby," Center for Public Integrity, November 6, 2009, and http://www.opensecrets.org/lobby/clientsum.php?id=D000021757&year=2009.

26 "Buffett's Obama Pigout," New York Times, August 25, 2011.

27 Steven Rattner, Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry (Boston: Houghton Mifflin Harcourt, 2010), p. 102.

7. CRONIES ON PARADE: HEDGE FUNDS, DEFENSE CONTRACTORS, COLLEGES, BIG OIL ... AND GEORGE SOROS

1 "Former US Secretary of State Offers New Hedge Fund Option," http://www.atrader.com.

2 Meng Gao and Jiekun Huang, "Capitalizing on Capitol Hill: Informed Trading by Hedge Fund Managers," Social Science Research Network, April 18, 2011.

3 Gao and Huang, "Capitalizing on Capitol Hill."

4 "Washington Whispers to Wall Street," Businessweek.com, December 26, 2005.

5 Brody Mullins, "Hedge Funds Use Lobbyists for Tips in Washington," Associated Press, December 8, 2006.

6 Mullins, "Hedge Funds Use Lobbyists for Tips in Washington."

7 Jessica Holzer, "Wall Street Goes Bargain Hunting in the Farm Bill," The Hill, April 23, 2008.

8 Joe Nocera, "From Pentagon, a Buy Rating on Contractors," New York Times, February 11, 2011.

9 "Did Steve Eisman Unduly Influence the Education Dept.?" CNNmoney.com, November 2, 2010, and Jim Angle, "Education Department Rules on For-Profit Schools Created with Investor's Help," Foxnews.com, May 31, 2011, and Andy Kroll, "Steve Eisman's Next Big Short: For-Profit Colleges," Motherjones.com, May 27, 2010. E-mails concerning Eisman's meetings with Department of Education officials are available from CREW: http://crew.3cdn.net/37fff23ac9f0c849a8_vbsm6hbc5.pdf.

10 "Did Markets Know Obama Was Going to Tap Oil Reserve?" CNBC.com, July 6, 2011.

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