Boston Political Corruption Surfaces to Protect CAB franchises?

Another corrupt democrat member of the Congressional Black Caucus exposed?

They, the democrat, socialist members of the Congressional Black Caucus, love to point their fingers at republicans and scream about racism and corruption. Yes, as a group (with the exception of Co. Allen West) they are some of the most divisive, corrupt and racist people in Congress.

Now we are learning that one of the loudest of the loud-mouths, House Oversight and Government Reform Committee Chairman Rep. Edolphus Towns, seems to have manipulated a query into the financial scandals swirling about Bank of America/Countrywide by deliberately excluding fellow Congressmen from a records subpoena. Could it be because he himself was a participant in the “Friends of Angelo” program that provided advantageous loan rates and terms to key Congressional figures?

As reported by Fox News …

House members' VIP loans from Countrywide excluded from subpoena, report says

A Democratic committee chairman overrode his own subpoena three years ago in an investigation of former subprime mortgage lender Countrywide to exclude records showing that he, other House members and congressional aides got VIP discounted loans from the company, documents show.

The procedure to keep the names secret was devised by Rep. Edolphus Towns, D-N.Y. In 2003, the 15-term congressman had two loans processed by Countrywide's VIP section, which was established to give discounts to favored borrowers.

The effort at secrecy was reversed when Towns' Republican successor as chairman of the House Oversight and Government Reform Committee, California Rep. Darrell Issa, issued a second subpoena. It yielded Countrywide records identifying four current House members, a former member and five staff aides whose loans went through the VIP unit. Towns was on the list.

Most of the names had dribbled out to the media by the time Issa issued the committee's final report last month on Countrywide's use of loan discounts to buy influence with government officials. But there was no official confirmation until Issa made his report public.

Towns' effort to keep the loans secret was at odds with statements by Republicans and Democrats alike that full disclosure of lawmakers' financial dealings was the best means for keeping the public aware of congressional perks, unethical conduct and fundraising.

Countrywide had been the nation's largest home loan originator before the housing market collapse. Many of its borrowers were left unable to repay mortgages that, in many cases, required no proof of income or a down payment. The company was purchased in 2008 by Bank of America, which now holds the VIP loan files.

The original Towns subpoena had asked for all files that went through the Countrywide VIP unit and specifically mentioned House members and aides. Bank of America sent a spreadsheet that identified 18,000 files that listed a borrower's employer, but without names to maintain privacy.

The spreadsheet identified several files listing the House or Congress as the employer. Since the vast majority of the employers in the spreadsheet were of no interest to the committee, committee Republicans -- then in the minority -- and majority Democrats each drew up a separate list of loan files to be turned over by the bank.

The Republican list totaled 3,000 files and included borrowers listing the House as an employer. Towns narrowed the files to about 300 and excluded references to the House. It was Towns' truncated list that went to Bank of America.

Bank of America confirmed in a statement to The Associated Press that the original subpoena terms were changed by Towns. "The committee provided the bank with specific instructions and modifications regarding the scope of the subpoena, and the bank followed and fulfilled all instructions and fully complied with the subpoena as modified by the committee," the bank said.

The AP reviewed the original bank spreadsheet of 18,000 and confirmed there were references to the House or Congress. The AP also obtained a copy of the subsequent instructions from Towns to the bank that excluded the House or Congress as an employer.

Some borrowers on the VIP list became known as "Friends of Angelo" because they received discounts on orders from then-Countrywide chief executive Angelo Mozilo. The foremost benefit of being a Countrywide VIP was access to discounted loans in which borrowers received a reduction in points and fees. Usually between $350 and $400 was waived.

For several months in 2009, Towns refused to issue a subpoena for VIP loan documents to Bank of America, a position that became politically untenable after it was revealed in the media in August that year that he himself had two Countrywide loans.

The Issa committee report confirmed that the VIP section processed a 30-year, $182,972 loan to Towns for a vacation home in Lutz, Fla., and a $194,540, 30-year mortgage for his Brooklyn residence.

Towns announced in April that he was retiring after 30 years of representing his Brooklyn district. <Source>

Amazing …

It is amazing how many members of Congress decide to forfeit their position or retire when it becomes apparent that they may face “ethics” charges. Even though the House and Senate “ethics” committees play pretend and most members skate because they are no longer members of Congress and therefore are not under the jurisdiction of the “ethics” committee. Therefore, the “ethics” committee is not bound to complete their investigations and turn over instances of potential criminal wrongdoing to the Department of Justice.

It is also amazing that Congressional rules do not prohibit members from using “insider information” in playing the stock market or engaging in self-serving deals – actions which would have an ordinary citizen in jail for “insider trading” or other criminal activity.

The case of Senator Harry Reid …

When it comes to “insider trading” and political corruption, crime is color-blind. Consider the National Review article that asks,  How Did Harry Reid Get Rich?.

Try this thought experiment. Imagine that someone grows up in poverty, works his way through law school by holding the night shift as a Capitol Hill policeman, and spends all but two years of his career as a public servant. Now imagine that this person’s current salary — and he’s at the top of his game — is $193,400. You probably wouldn’t expect him to have millions in stocks, bonds, and real estate.

But, surprise, he does, if he’s our Senate majority leader, whose net worth is between 3 and 10 million dollars, according to When Harry Reid entered the Nevada legislature in 1982, his net worth was listed as between $1 million and $1.5 million “or more,” according to the Las Vegas Review-Journal. So, since inquiring minds inquire, let’s try to figure out how Reid’s career in public service ended up being so lucrative. He hasn’t released his tax returns, which makes this an imperfect science, but looking at a few of his investments helps to show how he amassed his wealth.

In 2004, the senator made $700,000 off a land deal that was, to say the least, unorthodox. It started in 1998 when he bought a parcel of land with attorney Jay Brown, a close friend whose name has surfaced multiple times in organized-crime investigations and whom one retired FBI agent described as “always a person of interest.” Three years after the purchase, Reid transferred his portion of the property to Patrick Lane LLC, a holding company Brown controlled. But Reid kept putting the property on his financial disclosures, and when the company sold it in 2004, he profited from the deal — a deal on land that he didn’t technically own and that had nearly tripled in value in six years.

When his 2010 challenger Sharron Angle asked him in a debate how he had become so wealthy, he said, “I did a very good job investing.” Did he ever. On December 20, 2005, he invested $50,000 to $100,000 in the Dow Jones U.S. Energy Sector Fund (IYE), which closed that day at $29.15. The companies whose shares it held included ExxonMobil, ChevronTexaco, and ConocoPhillips. When he made a partial sale of his shares on August 19, 2008, during congressional recess, IYE closed at $41.82. Just a month later, on September 17, Reid was working to bring to the floor a bill that the Joint Committee on Taxation said would cost oil companies — including those in the fund — billions of dollars in taxes and regulatory fees. The bill passed a few days later, and by October 10, IYE’s shares had fallen by 42 percent, to $24.41, for a host of reasons. Savvy investing indeed.  Read the rest of the story.

These are the political scum-buckets that are demanding that Mitt Romney release his tax records so they can point out how much money he made and how much taxes he paid. At least he appears to have made it honestly, whereas most of those democrats calling for more disclosure are not only reluctant to release their own tax returns – but hide from investigational subpoenas.

Bottom line …

The democrats in office – include Barack Obama and his Tony Rezko land deal – appear to be politically corrupt and many should be joining Rod Blagojevich behind bars. But there they sit – on raised panels questioning captains of industry and others who do not have Congressional protections against insider trading and outright fraud. Executives who can’t hide illegal booty or documents in their offices and claim Congressional privilege. Executives who cannot lie, slander and libel people at will – knowing the law prevents them from being prosecuted while they are speaking on the floor of Congress.

It is time to send these lying, cheating, politically corrupt scum-buckets back to their home states. Electing, constitutional conservatives who will reform the Washington cesspool.

Mitt Romney might not be a staunch conservative, but Paul Ryan is a smart conservative with a wealth of financial knowledge. The choice is clear. More democrat corruption, demonization and racial politics or another chance to save America from socialism. Your choice in 2012!

-- steve

“Nullius in verba.”-- take nobody's word for it!

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