Speaker of the house Nancy Pelosi is now under investigation regarding payments made from her PAC (political action committee) to her husband’s real estate and investment firm.
It just so happens that she voted to ban this very practice last year and her party condemned it as a part of the “culture of corruption” when republicans did it. The bill didn’t pass so I guess since she is getting in on the take now, it’s OK.
The payments from her PAC to her husband’s business have totaled near $100,000 over the last decade or so but what is really interesting is that her husband took over as treasurer of her committee last year and since then; the payments have QUADRUPLED and are slated to total near $48,000 this year alone. Gee, what a coincidence that is, huh? What a scam! As treasurer of the PAC, he makes the payments to himself!
PAC money is supposed to be used for campaign expenses and such and does not belong to the politician for their personal use, but here’s a way to funnel the cash right into their pockets. Just set up a company owned by a spouse and then pay that company for whatever and on the books it’s listed as “business expenses” and now its family income. It’s magic. It’s called money laundering when the mob does it but I guess when a politician does it, it’s just called a business expense.
These people are unbelievable…
Here are a few more details on the economy and who did what when:
Barack Obama and the democrats spew lies about the Bush administration being responsible for our economic troubles and they want to blame John McCain by association simply because he is a republican.
FACT: Senator John McCain co-sponsored a bill, the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, that would have provided regulation and reform of the GSE’s, primarily Fannie Mae and Freddie Mac that were leading our economy into trouble.
Here is an excerpt from the summary of the bill:
1/26/2005--Introduced.
Federal Housing Enterprise Regulatory Reform Act of 2005 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit non mission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
It was not passed because the democrats, lead by one Barney Frank, insisted that there was nothing wrong in Fannie Mae and Freddie Mac. Yes, the very same Barney Frank that is blaming the republicans for the bailout bill not passing in the house. The same guy that blames the republicans for our present economy.
I’m sure Mr. Frank wants this bill badly since he is a big recipient of campaign contributions from those very two institutions. His fellow windbag, Nancy Pelosi is also high on the list of recipients. Hillary Clinton is number 12 on the list. John Kerry number 3. Christopher Dodd tops the list and guess who is number 2. Yes, it seems it is one Barack Obama. The guy that rails against John McCain having ties to the oil industry in his ads is the guy with ties to the two institutions that are largely the cause of the mortgage woes and the economy crash. He doesn’t tell you THAT in his ads.
It’s no wonder that congress has an approval rating of only about 7%. They continually show the American public that they are nothing but a bunch of crooks, liars and hypocrites.
I have never before taken this close a look at the actual inner workings of our government and I sure don’t like what I see. As a matter of fact, it turns my stomach.
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