Is Government the Cash Cow for Politicians?

Ambition Should Be Tempered by Love of Country, not of Money!

The conflict in Israel-Gaza illustrates perfectly how the United States government runs on corruption, with the deep pocketed Jewish and Israeli lobbies able to buy every national level politician that matters to give the loathsome Benjamin Netanyahu a carte blanche both in terms of a free pass on committing war crimes while also having unlimited access to the US Treasury and the contents of military arsenals. Given that the media is also in the hands of the same malefactors the poorly informed American public can only respond to the pablum that they are being fed about what is going on the world, i.e. Ukraine and Israel good, Russia and Palestine bad.

I am certainly not the first observer of politics in the United States who has noticed how this deterioration has come about in my lifetime, where a country that once upon a time believed in meritocracy has now been corrupted by money, with a ruling class, such as it is, that seems to be wallowing in the green stuff even as it pretends to be promoting policies that help the average American. Right now, the witless President Joe Robinette Biden is working on his latest fraud, consisting of bundling all the money that will be dumped on Israel and Ukraine into a package with Taiwan so it will pass effortlessly through Congress given its hostility both to Russia and China and its deep abiding love for all things Israeli. $100 billion is all Joe wants, $10 billion for Israel immediately and the rest to be doled out, mostly to good old boy Volodymyr Zelensky and a bit for the Taiwanese.

And it might be observed that part of the vast ocean of money somehow seems to stick to the fingers of the pampered residents of Capitol Hill. How, one might ask, did Biden, a blue-collar boy from Scranton Pennsylvania who has spent his entire adult life in government employment and who is married to a school teacher wind up with a net worth in the $9 million dollar range? Of course, it now appears that he received a notable assist from a son named Hunter who is something like a one-man cocaine snorting corruption machine who was more than willing to share his largesse with dad in exchange for a little assistance with foreign despots here and there.

One recalls how back in the seventies there was at least some speculation regarding how President Lyndon Baines Johnson, who spent his entire working life in government, started out raised in poverty and wound up being worth an estimated $15 million at his death in 1973 after he left the presidency, at a time when that was serious money, equal to about $100 million today. He was known to be well-wired into Texas Jewish and pro-Israel circles and appeared to have all the right contacts for making private investments that he did not have to publicly declare.

But no one figured out how to milk the system like the Clintons and I still chuckle when I recall how they tried to take the White House silver with them when the departed the residence. Upon leaving the presidency in 2001 they claimed to be completely broke and even in debt, but adroit manipulation of their Clinton Foundation since that time has produced a windfall of more than $300 million in today’s dollars. It was a pattern imitated by Barack Obama who left office with more cash in hand through the usual mechanism of largely unreadable books ghost written on their behalf that were then hawked in large numbers to Democratic Party constituents to support the cause. Barack’s cash value is now estimated to be in the $70 million range and he also owns substantial properties in Washington, Chicago and, of course, on Martha’s Vineyard, where he has a 29 acre estate valued at $12 million.

Of course, to a certain extent the misbehavior of presidents, at least while they are still in office, is not as egregious as it is for members of Congress and even Supreme Court Justices. Presidents are very visible and surrounded by staff and media witnesses of whatever they are up to while the sins of other senior government officials are more anonymous and they can engage is practices like taking bribes and insider trading based on their prior knowledge of legislation or expenditures that are pending that might produce a windfall profit if one is canny enough to buy the right stock. Congressmen are also well placed to use family members to carry out the trades, avoiding scrutiny of their own banking and investment activities. That has, indeed, been claimed in a number of cases where government officials have been able to accumulate large fortunes while holding office.

And there is no doubt that corruption of one form or another is the game that is played in Congress and elsewhere including at state and local levels. In a sense, it is all around us. The recent exposure of Senator Bob Menendez of New Jersey’s apparent tendency to accept bribes was a particularly lurid tale in part because much of the loot consisted of $480,000 in cash stuffed into jacket pockets, closets and in a safe, along with 13 gold bars, two of them marked as 1 Kilogram in weight to the value of more than $100,000. In the garage was an upscale $60,000 Mercedes-Benz convertible that was a gift to Menendez’s then girlfriend, who had wrecked her own vehicle in an accident in which she had struck and killed a pedestrian. The car came from one of the New Jersey businessmen currently involved in the corruption and bribery investigation and no one can quite explain how an accident in which someone had died was never properly investigated by police. Menendez had allegedly helped the businessman by arranging to block a criminal investigation into his company’s activities.

Menendez, a Cuban American regarded as a political hardliner from his bully pulpit as Chair of the Senate Foreign Relations Committee, has been investigated before over charges of possible corruption, but he has beaten the rap each time. He has currently resigned his chairmanship but has refused to leave the Senate and he claims he is innocent, of course. And as he is inevitably been a major promoter of Biden’s war on Russia the White House will presumably do everything it can to protect him, but only up to a certain point.

There has been some discussion of the wealth of certain congressmen due to the recent death of 90 year-old Dianne Feinstein, Senator from California, who was regarded as both the wealthiest and oldest of all Senators. She was, in fact, born into a prominent Jewish family in San Francisco and acquired even more money and property from her three husbands, all of whom were also wealthy. It has never been suggested that she exploited her positions as Mayor of San Francisco and in Congress to illegally or otherwise obtain more money, to her credit, possibly because she was already rich. Nevertheless, her death was preceded by some high tone media coverage of the nature of her fortune and the family quarrel that is taking place regarding how all the money and the multiple high end properties will be divided up. By some accounts, Feinstein became a billionaire upon the death of her final husband financier Richard C. Blum in 2022, though who is entitled to what remains of the estate will now undoubtedly be determined through either litigation or negotiation involving her own daughter Katherine and the three daughters sired by Blum in a previous marriage. Far from getting rich off of politics, Blum and Feinstein were major donors to the Democratic Party.

More to the point if one is asking “How did they get so rich?” is the trajectory of former Speaker of the House of Representatives Nancy Pelosi and her husband Paul Pelosi. Nancy was one of six children born and raised in an intensely political environment, though having otherwise modest circumstances, in Baltimore. Her father was Baltimore mayor and congressman Thomas D’Alesandro, who was at one time investigated by the FBI but never convicted regarding association with criminals.

Nancy Pelosi and Hubbie Paul moved to California in 1969 after college and six years spent in New York City. She quickly became involved in local Democratic Party politics while he established himself as a businessman, specializing in real estate and high-tech investment, aided by his brother Ronald Pelosi who was a member of the San Francisco city and county Board of Supervisors. Nancy and Paul have five children. Nancy, who is 83 years old, initially won her congressional seat in a special election in San Francisco in 1987. She became first woman Speaker, though she lost her position recently as a result of the swing of the House to the Republicans in the 2020 election. She has announced that she will not be running for office in 2024 and will retire. She and her husband have indicated that they will live in their mansion in the upscale Pacific Heights district of San Francisco, though they have a vineyard in Napa Valley and additional properties in San Francisco. They are staying in the city in spite of an incident in October 2022, while Pelosi was in Washington, DC, in which an intruder entered their home demanding to know her whereabouts. He then attacked Paul Pelosi, with a hammer. Police arrested the attacker, 42-year-old David DePape, and he has been charged with assault and attempted kidnapping.

As of 2021, Pelosi’s net worth, as revealed by her government financial disclosure forms and other sources, was estimated to be at $120 million, more than doubling her $58 million valuation in 2009 and making her the 6th richest person in Congress. She indicated on her disclosure form that her principal source of income was her government salary, which peaked at $223,500 when she was speaker. She and her husband hold properties “worth at least $14.65 million, including the St. Helena vineyard in Napa Valley worth at least $5 million” and commercial properties.

According to investigative journalist Glenn Greenwald, the Pelosis have traded $33 million worth of tech stocks over the past two years, including Apple, Amazon, Microsoft, Facebook, and Google. In May and June 2021, Pelosi’s husband purchased stocks in tech companies such as Alphabet, Amazon, and Apple, netting a gain of $5.3 million, while Nancy was working on anti-trust legislation to better regulate the tech industry, which many considered to be a clear conflict of interest as well as a case of potential insider trading. Tim Cook, the CEO of Apple, had actually called Pelosi to lobby her in opposition to the new proposed regulations and, in their discussion, she openly opposed increasing regulations on stock trades by members of congress, stating that “we’re a free market economy” and congresspeople “should be able to participate in that”.

This comment attracted strong criticism including from some Democrats: “Rep. Abigail Spanberger (D-Va.) tweeted: ‘No. It cannot be a perk of the job for Members to trade on access to information.’ Rep. Dean Phillips (D-Minn.) – one of the wealthiest members of Congress thanks to his business career that included leading his family’s distillery as well as the gelato brand Talenti – echoed: ‘I disagree with the Speaker.’ And Rep. Andy Kim (D-N.J.), who represents one of the most competitive districts in the nation, wrote that ‘I disagree strongly’ with Pelosi’s stance. ‘Americans are losing trust in government and we need to show we serve the people, not our personal/political self-interest.’ Rep. Alexandria Ocasio-Cortez (D-N.Y.), who has said that she doesn’t hold individual stocks or digital assets, reiterated late Friday that she thinks letting members of Congress trade individual stocks is a bad look. ‘There is no reason members of Congress should hold and trade individual stock when we write major policy and have access to sensitive information,’ Ocasio-Cortez said. ‘There are many ways members can invest w/o creating actual or appeared conflict of interest, like thrift savings plans or index funds.’”

So evidently Nancy Pelosi and many other congressmen believe that it is just fine to be regulating industries and also allowing the regulators to benefit materially when it is anticipated that the measures taken will improve those industries’ stock market standing or profitability. Doing so is a well-established principle referred to as insider trading and hers is an interesting viewpoint. It perhaps explains why there are so many multi-millionaires and possibly even a billionaire or two in Congress!

https://www.unz.com/pgiraldi/is-government-the-cash-cow-for-politicians/