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60 Minutes Reveals Congressional Privilege But ‘Missed The Mark’

In Uncategorized on November 14, 2011 at 6:47 PM

Cross Posted from http://www.Addictinginfo.org

November 14, 2011

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’60 Minutes’ Hit On Boehner, Pelosi Falls Short

As city officials all across the nation embark on dismantling Occupy Wall Street protest encampments,  a central grievance of the OWS was broadcast last evening ’60 Minutes’.

The main issue is the potential ‘privilege’ by members of Congress.  While the 60 minutes segment focused on House Speaker Boehner and Nancy Pelosi, HUFFINGTON POST POLITICS, Ryan Grim writes that ’60 Minutes’ was off-the-mark.

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60 Minutes Reveals Congressional Privilege But ‘Missed The Mark’

In 60 Minutes, Insider information, insider trading, John Boehner. Eric Cantor, nancy Pelosi, OWS, Wall Street on November 14, 2011 at 6:47 PM

Cross Posted from http://www.Addictinginfo.org

’60 Minutes’ Hit On Boehner, Pelosi Falls Short





As city officials all across the nation embark on dismantling Occupy Wall Street protest encampments,  a central grievance of the OWS was broadcast last evening ’60 Minutes’.

The main issue is the potential ‘privilege’ by members of Congress.  While the 60 minutes segment focused on House Speaker Boehner and Nancy Pelosi, HUFFINGTON POST POLITICS, Ryan Grim writes that ’60 Minutes’ was off-the-mark.


A “60 Minutes” investigation of stock trading by members of Congress singled out House Speaker John Boehner and former Speaker Nancy Pelosi as having personally profited from investments into companies whose interests were before Congress. The investigation makes a strong case that members of Congress have the ability to profit in the market from non-public information, but in the cases of Boehner and Pelosi the claims made by “60 Minutes” fall short under scrutiny.
The Grim article states how 60 Minutes portrayed the possibility that both members of Congress benefited from “non-public” information.  If Grim is correct, 60 Minutes producers may have uncovered a serious problem about ‘insider trading’ and how the information privilege may benefit members of Congress.  Grim may have also uncovered serious flaws in the 60 Minutes segment.

Grim writes…. (summaries from 60 Minutes and responses from Boehner and Pelosi spokespeople):

Boehner
The CBS News program flagged Boehner (R-Ohio) for buying health insurance stocks shortly before the public health insurance option was killed as part of health care reform….
A Boehner spokesperson issued the following response to Huffingtion Post.

“The idea that the Republican Leader in the House opposed the ‘public option’ — policy favored by the left of the left — for personal profit is, frankly, stupid,” a GOP aide, who didn’t want to be quoted criticizing CBS, said
Pelosi
“60 Minutes” charges Pelosi with purchasing 5,000 shares of Visa stock as part of an exclusive initial public offering and implies that her financial connection to the credit card industry had something to do with the halting of credit card industry reform……
A Pelosi spokesperson issued the following response to Huffingtion Post.
“Tonight’s report failed to note that the legislation in question in this story was reported out of the Judiciary Committee on October 3, 2008 — the day the House was consumed in passing TARP and also the last day the House was in session before the November election,” Pelosi spokesman Drew Hammill said. “It failed to note than in September 2008, the House passed the Credit Cardholders’ Bill of Rights. In the next Congress, the House and Senate passed and President Obama signed the Credit Cardholders’ Bill of Rights and the Dodd-Frank legislation, which included a stronger, more direct approach to addressing swipe fees.”
Spokespeople have to do their jobs even when required to mislead.  I remember many times as a nervous Bush Administration spokesperson went before camera to refute the 2007 Recession. We know that result (admission of the recession in December 2008, after the 2008 Election), but in the case of Boehner and Pelosi their spokespeople may have accurately explained away the 60 Minutes segment ’targets.’

The revelations about the prospect of insider information, and how Congress have exemption for scrutiny is a topic of concern. It is of special interest during a period of social unrest and factual reporting related to the growing income gap and the refusals by Congress to consider taxing the ‘rich’ at a slightly higher than current rate. These are the sorts of inequities which are driving divides between the privileged and those of us who are in the middle class.

The 60 Minutes broadcast may have been flawed in its direct focus on Congressional House leaders.  Do all members of Congress via the course of their work have access to information that provides opportunity for financial again in the equities markets?  One would think so.
The article ends as follows…..
Operatives on both sides of the aisle, meanwhile, pointed out to The Huffington Post that Majority Leader Cantor (R-Va.) had dodged the “60 Minutes” bullet. The segment did not mention Cantor, who made several trades in 2005 that have come under scrutiny.


In March 2005, he bought stock in Merck and Encore Medical Corporation. In July, the GOP House passed medical liability reform, which Democrats at the time charged was a gift to Merck, which was under fire for its drug Vioxx, as well as other device makers.


CBS may have pulled its punch because producers worried about access: “60 Minutes” is working on a profile of the Virginia Republican and was with him over the past weekend, and Lesley Stahl will visit him Monday on the Hill, according to a source familiar with the arrangements.

CBS did not respond to requests for comment.

If 60 Minutes has ‘the scoop’ on information that Cantor may have benefited from his position in Congress, how did he draw a ‘pass’ from the broadcast? Is the renowned investigative broadcast team doing itself and the public a disservice?

Who are we to question the veracity and thoroughness of 60 Minutes?  Well, we are citizens who want to see it done right. We want information as accurately and thoroughly as possible. If Boehner and Pelosi are not guilty of benefiting from ‘insider information, 60 Minutes should run a corrective comment related to November 13, broadcast.  If there is a factual prospect that congressional representative have opportunities to advance themselves regarding equities investments, the public should know of the privilege; and it should be stopped.

Grim wrote a statement early in his article that is absolutely cogent to the topic.

But by swinging and missing at Boehner and Pelosi, “60 Minutes” undermined its case.

Despite the prospect of an ‘undermine’ by 60 Minutes, producers said the investigation  should continue.

Wonder if 60 Minutes producers and management will tell the public why they avoided comment about Cantor.   If for sake of an future news story, their is something hypocritical about their  decision to furlough mention of the House Majority Leader.

These are the sorts of greedy failings in people that has parks in the U.S. full of people under the auspices of the Occupy Wall Street movement.

Who’s News? YOU Decide. mmetrics1 on November 14, 2011

In Uncategorized on November 14, 2011 at 5:02 PM

See New article on Talent Place for Special People..


NOTE:  The MMetrics1 Articles are in earliest to latest order ..Hey, read them all!!!!

Cain Campaign Claims $9 Million In Contributions During October, But Has Anyone Independently Verified That?

In Politics 2012 on November 14, 2011 at 3:05 PM

Cross Posted from http://www.Addictinginfo.org

November 12, 2011

 

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Cain Campaign Claims Record Campaign Contributions During Troubled Times


Paul Blumenthal of HUFFPOST Politics has again published an article about the growing popularity of Herman Cain. The article is worthy of special attention; it is about campaign donations to the Cain campaign.


As the GOP shifts through its ‘pack’ of potential candidates, Cain remains at the top of the list (with Mitt Romney).  Cain’s continued status at the top of the pack is intriguing.

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Cain Campaign Claims $9 Million In Contributions During October, But Has Anyone Independently Verified That?

In 9 million October 2011, Cain Campaign, FEC, FEC Filings, Sexual Harassment allegations on November 14, 2011 at 3:00 PM

Cross Posted from http://www.Addictinginfo.org

November 12, 2011

Cain Campaign Claims Record Campaign Contributions During Troubled Times

Paul Blumenthal of HUFFPOST Politics has again published an article about the growing popularity of Herman Cain. The article is worthy of special attention; it is about campaign donations to the Cain campaign.

As the GOP shifts through its ‘pack’ of potential candidates, Cain remains at the top of the list (with Mitt Romney).  Cain’s continued status at the top of the pack is intriguing.




The Cain campaign has released exact figures about the financial contributions during October. An excerpt from the Cain campaign reads as follows:
The Herman Cain Campaign reports receiving over $9 million of financial support from Cain backers since October 1st. Twenty-five percent of these newly received contributions have come in the last ten days. The generosity of Mr. Cain’s followers has more than doubled in the past five weeks, compared to the financial gifts received in the previous two quarters combined. According to the campaign’s third quarter FEC filing, Mr. Cain’s campaign received $4.7 million from May through September 30th. The campaign has received a total of $14.1 million in financial support since the start of the campaign.
An intriguing aspect of the revelation is the contributions over the last ten days of October.  While not an exact to the day comparison, I believe that Cain spent the last two weeks of October immersed in allegations of past sexual  harassment. Of course, there is no document-able  evidence that Cain admitted the sexually oriented infractions and assaults; yet there is at least two  settlement agreements.

If there is a connection to the last two weeks of October and Cain’s personal troubles, I cannot help but think of ‘circling the wagons‘ of the Old West.

Let’s take a quick look at the remainder of the HUFFPOST excerpt from Mark Block, Cain’s, Campaign Manager/Chief of Staff.
“Mr. Cain’s vision to renew our country and create new jobs via his bold ’9-9-9 Plan’ is resonating across America,” said Mark Block, Chief of Staff to the Herman Cain presidential campaign. “Mr. Cain’s business experience and executive leadership is needed to put America back on the track to prosperity. Voters want to be part of the Cain Train so they are donating their time, talent and treasure to make sure Mr. Cain is our next president.”
Politics is, “what it is.”  Often “what it is” is posturing, positioning, and influencing.

Mark Block releases campaign contribution figures of $ 9 million  during the last two weeks of October.  He also alleges that 25 % of the $9 million was during the last two weeks of October. He writes that FEC filings totaling  ” …….$14.1 million in financial support since the start of the campaign.”

During the most shaky part of Cain’s campaign run, contributions are flowing at higher rate than previous levels.

I, for one, must question the veracity of the press release.  I question its accuracy if I wipe from my mind the prospect that ‘uber’ rich conservatives are not funneling contributions to Cain.



Let’s assume that the FEC filings have been submitted as stated. Is there any review or audits of the filings? How about required audits and verification?


A quick visit to the Federal Election Commission (FEC) website did not reveal information relative to verification of all filings.  I did locate the following
The FEC has exclusive jurisdiction over the civil enforcement of the federal campaign finance law. In exercising that authority, the Commission uses a variety of methods to uncover possible election law violations:
  1. The agency’s monitoring process may detect potential violations through a review of a committee’s reports or through a Commission audit.
  2. Potential violations may be brought to the Commission’s attention through the complaint process. This process enables anyone to file a sworn complaint alleging violations and explaining the basis for the allegations.
  3. The referral process enables other government agencies to refer possible violations to the FEC.
  4. Any person or entity who believes it has committed a violation may bring the matter sua sponte to the Commission’s attention. (sua sponte, actual spelling)
Each of the preceding may lead to an FEC enforcement case or Matter Under Review (MUR). By law, these matters must remain confidential until they are closed. In some cases, respondents may be given the option to participate in the Commission’s Alternative Dispute Resolution program, which seeks to resolve matters more swiftly through negotiation. Violations involving late submission of FEC reports or failure to file reports are subject to administrative fines, based on a schedule of penalties. Links to additional information on the FEC’s enforcement process and to closed enforcement files appear below.
As is the case with many government agency documents, the statements above includes many instances of the word, “may.”

For purpose of ‘trust but verify‘ as quoted by the ”Father of Modern Conservatism,” is it possible to make claims about contribution amounts without required verification audits?

If audit verification of contribution claims is not required, it is possible to use misleading information to deflect setbacks in a campaign. The campaign is suffering from the ugly prospect of a tarnished candidate who has had past issues with sexual harassment.  Some networks are reporting that Cain’s ranking may have fallen over 10 points since the allegations came forth.   In fact,  Gingrich, by some polls, has tied Romney and Cain at the top of the ‘pack’.  If that is true it is directly attributable to Cain’s current problems with the harassment allegations.  Considering his drop in the rankings, overwhelming media coverage, and data reflecting that many women have pulled back form supporting Cain (at least temporarily), it is very hard to accept record campaign contributions.

It almost reminds of an old urban adage, “faking it to make it”.  Is there a better way to convince a wavering public of Cain’s staying power than to advertise record contributions? Yes, advertise!

 Mark Block’s remarks in the press release:
“Mr. Cain’s vision to renew our country and create new jobs via his bold ’9-9-9 Plan’ is resonating across America,” said Mark Block, Chief of Staff to the Herman Cain presidential campaign. “Mr. Cain’s business experience and executive leadership is needed to put America back on the track to prosperity. Voters want to be part of the Cain Train so they are donating their time, talent and treasure to make sure Mr. Cain is our next president.”
I would be much more comfortable with the veracity of the  release if I could find that all FEC filings are consistently  and thoroughly investigated.

The GOP is noted for very creative campaigning.

“Trust but Verify.”

As The President Supports Veterans, GOP Senator Demint Shows Impertinence

In Uncategorized on November 14, 2011 at 8:28 AM

Cross posted from http://www.Addictinginfo.org

November 13, 2011

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On November 11, 2001, President Obama honored our nation’s troops in many ways.  Of particular note was his presidential ’wreath laying’ at the tomb of the Unknown Soldier and associated speech at Arlington Cemetery. After the morning service, Obama sat for the first presidential observance of an NCAA basketball game on a U.S. military aircraft carrier.

Reuters Lily Kuo filed a report from Arlington Cemetery….

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