A Short History of Corruption

In 1922, there was a bribery incident during the administration of Republican Warren G. Harding.  It is known as the Teapot Dome Scandal.  Harding's Secretary of the Interior, Albert Fall leased Navy petroleum reserves at Teapot Dome in Wyoming as well as two other locations to private oil companies without a competitive bid. 

In 1973, there was a burglary.  A national nightmare began when hotel security caught a rogue group from the Campaign to Reelect the President (Richard Nixon) in offices of the Democrat Party at the Watergate Hotel.  The investigation that followed resulted in the resignation of Republican President Nixon who faced certain impeachment for his role in the cover-up that followed the burglary.  Spiro Agnew, Nixon's Vice President resigned only months before Nixon's resignation after he pled nolo contendere to charges of tax fraud.  

In 1998 there were scandals involving our 42nd President, Democrat William Jefferson Clinton.  The first involved a sexual harassment lawsuit filed by Paula Jones.  The second scandal involved the President's recreational use of the Oval Office with one 21-year-old intern, Monica Lewinsky.  Eventually that first scandal led to charges of perjury against the President and then to his impeachment. 

In 2001, on the last day of his second term, Bill Clinton pardoned sixteen Puerto Rican terrorists that appeared to be a gesture to assist his wife, Hillary Clinton, in her quest to become Senator from New York.  The same pardons also included Clinton's brother, Roger, and billionaire Marc Rich.  The Justice Department indicted Rich for oil deals he made with Iran during the Iranian Hostage Crisis and for tax evasion.  Denise Rich, his ex-wife, lobbied Clinton for this pardon.  What appeared to be a quid pro quo at a minimum included large donations she had made to the Democrat Party and the Clinton Library.     

In 2009, Democrat President Barack Obama cheated General Motors bondholders out of millions of dollars in a takeover of both General Motors and Chrysler.  Obama infused $62 billion taxpayer dollars into the two former auto giants, engineered the sale of Chrysler assets, and essentially bullied General Motors bondholders by forcing them to subordinate their debt below unsecured creditors of the auto company.  The settlement provided them, according to one account Click Here, approximately two shares of common stock for every $1,000 in principal owed them.  At the time, this amounted to approximately $2.38.  Unsecured creditors who were elevated in the bankruptcy case above the bondholders included the United Auto Workers.  Obama bailed out the auto giants to protect the pension plans of his political supporters and he used taxpayer dollars to do so. 

In 2009 President Obama, immediately upon assuming office asked for and received a measure from the Congress that provided a "stimulus" to an ailing economy.  The price tag on this was around $787 Billion.  States and local governments received stimulus funds that enabled them to maintain public sector employees on the payroll for another year.  Stimulus funds were also used to guarantee a $527 Million loan for Solyndra.  Solyndra is a "green" company.  It manufactures, excuse me, it manufactured solar panels at a cost that was at least 50% greater than their sales value.  Solyndra was already in trouble and the prior administration had withdrawn plans to support the organization through Department of Energy Loan Guarantees but not Obama.  It seems that a major investor in Solyndra is one of his key Democrat fundraisers, a billionaire named George Kaiser.  If this is not bad enough, this administration thought enough of the near-bankrupt company to subordinate the taxpayers' position behind investors like Kaiser.  Thus Obama bailed out his friend Kaiser and the Solyndra Corporation is now bankrupt.  The FBI is investigating and the taxpayer is on the hook for more than $500 million.

Between 2009 and 2010 President Barack Obama with the assistance of willing Congressional accomplices, Nancy Pelosi and Harry Reid, pushed a measure through Congress that if allowed to stand will nationalize 14% of the US economy.  The bill that the Congress had to pass so that they and the public would be able to discover what was in it is certain to destroy the insurance industry with the intent of providing a government managed, single payer system for more than 300 million citizens. 

In 2011, the Obama Administration pressured Air Force General William Shelton, head of the Air Force Space Command, to alter his testimony on a matter of national security.  It seems the LightSquared Corporation wants to build a national 4G phone network that Shelton and apparently all other interested federal agencies believe will adversely affect GPS capabilities in the US.  Click Here  The FCC has this on a fast track for licensing and the communications agency has apparently turned a deaf ear toward the security concerns of the military as well as other federal agencies and the only reason why appears that the primary investor in the LightSquared organization is another large donor to Barack Obama, billionaire, Phil Falcone.  Read their defense here. 

The policies of the current president have resulted in millions of unemployed and underemployed in this economy.  His banking regulations have depressed the housing market and real estate values have decreased in some areas by as much as 40%.  His environmental regulations shut down 24% of domestic oil production that came from the Gulf of Mexico and contributed to the price of a gallon of gas going from $1.79 to more than $3.75.  During a period of recession, Obama increased the discretionary portion of the federal budget by approximately 24%.  His profligate spending created a debt crisis in 2011 that threatened default and ultimately resulted in a downgrade from our historic AAA bond rating to AA.  

Corruption or incompetency?  This may not all be the result of corruption but the portion that might be proven corruption if we had a Justice Department that was not itself run by a rogue villain makes Teapot Dome, Watergate, and the dalliances of Bill Clinton look like child's play.      

 

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