The Phaserl


You’re (Probably) a Federal Criminal

from The Burning Platform:

Crony Hung in Own Noose – But No Reason to Celebrate
Imagine our delight! “Crony Hung in Own Noose” is the headline we would have put on the story. The New York Times has the report:

“J. Dennis Hastert, who served for eight years as speaker of the House of Representatives, was paying a former student hundreds of thousands of dollars to not say publicly that Mr. Hastert had sexually abused him decades ago, according to two people briefed on the evidence uncovered in an F.B.I. investigation.

Federal prosecutors on Thursday [May 28] announced the indictment of Mr. Hastert, 73, on allegations that he made cash withdrawals, totaling $1.7 million, to evade detection by banks. The federal authorities also charged him with lying to them about the purpose of the withdrawals.”

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2 comments to You’re (Probably) a Federal Criminal

  • willygroper

    it appears the censorship spooks are at it.

  • rich

    Anticipatory Bribery
    In viewing campaign contributions as the major source of corruption we overlook the more insidious flow of direct, personal payments – much of which might be called “anticipatory bribery” because they enable office holders to cash in big after they’ve left office.

    For years, former Republican House majority leader Eric Cantor was one of Wall Street’s strongest advocates – fighting for the bailout of the Street, to retain the Street’s tax advantages and subsidies, and to water down the Dodd-Frank financial reform legislation.

    Just two weeks after resigning from the House, Cantor joined the Wall Street investment bank of Moelis & Co., as vice chairman and managing director, starting with a $400,000 base salary, $400,000 initial cash bonus, and $1 million in stock.

    As Cantor explained, “I have known Ken [the bank’s CEO] for some time and … followed the growth and success of his firm.”

    Exactly. They had been doing business together so long that Cantor must have anticipated the bribe.

    Anticipatory bribery undermines trust in government almost as much as direct bribery. At a minimum, it can create the appearance of corruption, and raise questions in the public’s mind about the motives of public officials.

    Was the Obama White House so easy on big Wall Street banks – never putting tough conditions on them for getting bailout money or prosecuting a single top Wall Street executive – because Tim Geithner, Barack Obama’s treasury secretary, and Peter Orszag, his director of the Office of Management and Budget, anticipated lucrative jobs on the Street? (Geithner became president of the private-equity firm Warburg Pincus when he left the administration; Orszag became Citigroup’s vice chairman of corporate and investment banking.)

    Another form of anticipatory bribery occurs when the payment comes in anticipation of a person holding office, and then delivering the favors.

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