Throw Them All Out (23 page)

26 Carney,
The Big Ripoff,
pp. 80–81.

27 Daniel Michaels, "As Boeing Hits Turbulence, Uncle Sam Flies to Its Aid,"
Wall Street Journal,
December 10, 2009.

28 William J. Hunter and Michael A. Nelson, "Tax Enforcement: A Public Choice Perspective,"
Public Choice,
no. 82, 1995.

29 Maria C. Correia, "Political Connections, SEC Enforcement and Accounting Quality," Rock Center for Corporate Governance, Working Paper No. 61, July 2009.

30 Frank Yu and Xiaoyun Yu, "Corporate Lobbying and Fraud Detection,"
Journal of Financial and Quantitative Analysis,
forthcoming.

31 R. Patrick Rawls and David N. Laband, "A Public Choice Analysis of Endangered Species Listings,"
Public Choice,
no. 121, 2004.

32 John R. Gist and R. Carter Hill, "The Economics of Choice in the Allocation of Federal Grants: An Empirical Test,"
Public Choice,
no. 36, 1981.

33
http://voices.washingtonpost.com/local-breaking-news/dc/7-of-10-richest-counties-in-dc.html
.

 

1. THE DRUG TRADE

1 Tom Daschle and David Nather,
Getting It Done: How Obama and Congress Finally Broke the Stalemate to Make Way for Health Care Reform
(New York: Thomas Dunne Books, 2010)
,
p. 11.

2 John Kerry, Financial Disclosure, 2011 and previous years.

3
http://www.nytimes.com/2009/08/06/health/policy/06insure.html
.

4 John Kerry, Financial Disclosure, 2009, Schedule IV—Transactions.

5 Daschle and Nather,
Getting It Done,
pp. 178, 226.

6 Melissa L. Bean, Financial Disclosure, 2009.

7 Jared Polis, Financial Disclosure, 2009.

8
http://www.medicaltourismmag.com/newsletter/48/medical-tourism-expands-as-alternative-to-obamacare.html
.

9
http://www.bridgehealthmedical.com/about-us/media-room/coverage/Company_cuts_medical_costs_by_sending_patients_to_US_hospitals_not_overseas
.

10 Andrew Pollack, "Critics Say 12 Years Is Too Long to Protect Biotech Drugs from Generics,"
New York Times
blog, Prescriptions: The Business of Health Care, October 15, 2009.

11 Richard Gayle, "Healthcare Reform Gave Biotech Everything It Wanted, and More,"
http://www.xconomy.com, March 24, 2010
.

12 "Factbox: Winners, Losers, in House Healthcare Bill," Reuters, March 22, 2010, and Vanessa Fuhrmans, "Tax on High-End Health Plans Threatens Wider Group,"
Wall Street Journal,
August 10, 2009.

13
http://query.nytimes.com/gst/fullpage.html?res=9400E5D91331F935A25756C0A9619C8B63
.

14 Johnny Isakson, Financial Disclosure, 2007, and Sheldon Whitehouse, Financial Disclosure, 2007.

15 James Sensenbrenner, Financial Disclosure, 2003.

16 James Oberstar, Financial Disclosure, 2003.

17 Jeb Bradley, Financial Disclosure, 2003.

18 John Kerry, Financial Disclosure, 2003.

19 John Kerry, Financial Disclosure, 2005, which reports on his capital gains for 2004.

20 John Kerry, Financial Disclosure, 2004, Part IV—Transactions.

21 John Kerry, Financial Disclosure, 2003.

22 Max Baucus, Financial Disclosure, 2010, Part IV—Transactions.

23 John Boehner, Financial Disclosure, 2009.

24
http://voices.washingtonpost.com/ezra-klein/2009/12/the_death_of_the_public_option.html
.

25
http://ipo.nasdaq.com/edgar_conv_html/2006/02/10/0000812796-06-000010.html
.

26 Jim McDermott, Financial Disclosure, 2004, 2005.

27 Amo Houghton, Financial Disclosure Statement, 2005, Addendum, stock transactions with Market Street Trust Company.

28 Amo Houghton, Financial Disclosure, 2003.

 

2. CRISIS FOR ALL, OPPORTUNITY FOR SOME

1 "President Bush Discusses Emergency Economic Stabilization Act of 2008," FDCH Regulatory Intelligence Database, October 3, 2008.

2 Spencer Bachus, "Confronting the Crisis,"
National Mortgage News,
February 2, 2009.

3 Henry M. Paulson, Jr.,
On the Brink: Inside the Race to Stop the Collapse of the Global Financial System
(New York: Business Plus, 2010), pp. 13, 153, 220, 296, 299.

4 The VIX is an index that measures the implied volatility of Standard and Poor's 500 index options. Between 1990 and September 2008, the VIX averaged 19. By the end of October 2008, at the height of the crisis, it reached a high of 89.

5 Bachus, "Confronting the Crisis."

6 "End of Illusions,"
Economist,
July 17, 2008.

7 Paulson,
On the Brink,
p. 153.

8 Spencer Bachus, Financial Disclosure, 2009.

9
http://financialservices.house.gov/press/PRArticle.aspx?NewsID=1684
, and "FASB Delays Rule Affecting $10.5 Trillion in Bonds,"
National Mortgage News,
August 21, 2008.

10 Paulson,
On the Brink,
p. 259.

11 Paulson,
On the Brink,
p. 260.

12 Paulson,
On the Brink,
p. 172.

13 Spencer Bachus, Financial Disclosure, 2009.

14 "Lead Financial Services Lawmaker Defends Trading,"
USA Today,
September 23, 2008.

15 Paulson,
On the Brink,
p. 241.

16 James Moran, Financial Disclosure, 2009.

17 Shelley Capito, Financial Disclosure, 2008.

18 Richard Durbin, Financial Disclosure, 2009.

19 John Kerry, Financial Disclosure, 2008.

20 Rahm Emanuel, Financial Disclosure, 2003.

21 Alex J. Pollock, "GSE Reform on the Way,"
National Mortgage News,
November 15, 2004.

22
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/11/AR2008091102841.html
, and Marc Hochstein, "U.S. Senator Is Urging Fannie, Freddie into the Subprime Market,"
American Banker,
July 9, 1999.

23 John Kerry, Financial Disclosure, 2005.

24 Stephen Taub, "Global Blackout: Fannie Mae Freezes Employee Stock Sales,"
Compliance Week,
May 24, 2005.

25 John Kerry, Financial Disclosure, 2006.

26
http://firstread.msnbc.msn.com/archive/2009/06/11/1962038.aspx
.

 

3. IPOs: INVEST IN POLITICIANS OFTEN

1 Nancy Pelosi, Financial Disclosure, 2008.

2 "Visa Inc's $16 Billion IPO Oversubscribed, Analysts Say,"
MarketWatch.com
, March 13, 2008.

3 National Retail Federation,
nrf.com/swipefees
.

4 "Fierce Fight Expected If Interchange Bill Reaches House Floor,"
CardLine,
July 25, 2008.

5 "Congressmen Conyers and Cannon Introduce 'Credit Card Fair Fee Act,'"
CardLine,
July 18, 2008.

6 "And a Survey Says Most Americans Support the Act,"
CardLine,
July 18, 2008.

7 "Fierce Fight Expected If Interchange Bill Reaches House Floor."

8 "Pelosi Statement on the House Passage of Expedited Card Reform for Consumers Act,"
http://pelosi.house.gov/news/press-releases/2009/11/releases-Nov09-card.shtml
, November 4, 2009.

9
http://www.nacsonline.com/NACS/News/Daily/Pages/ND0526101.aspx
.

10
http://washingtonexaminer.com/politics/2010/12/want-voice-washington-invest-politician
.

11 Christine B. Whelan and Tom Hamburger, "Lawmakers Joined Executives in Profiting from IPO Access,"
Wall Street Journal,
September 6, 2002.

12 Benjamin Lesser and Greg B. Smith, "Rep. Ackerman Confirms He Introduced Israeli Officials to Defense Contractor Xenonics,"
New York Daily News,
January 12, 2010.

13 Gary Ackerman, Financial Disclosure, 2005, 2006, and 2007.

14
http://articles.nydailynews.com/2010-01-11/news/17943510_1_ alan-magerman-rep-gary-ackerman-annual-disclosure-forms
.

15 Ian Talley, "Pelosi Investment Shows Unlikely Energy Alliance,"
Wall Street Journal,
August 23, 2008.

16
http://seekingalpha.com/article/52737-this-week-s-energy-ipos-approach-resources-osg-america-quest-energy-partners-sandridge-energy
.

17 Transcript,
Meet the Press,
August 24, 2008.

 

4. THIS LAND IS MY LAND

1
http://earmarks.omb.gov
.

2 See Dennis Hastert's Personal Financial Disclosures, Kendall County Records, Doc. #200600025196, and Greg Hinz, "House Speaker Dennis Hastert Reaps Profit—and Controversy—Via Land Deal,"
Crain's Chicago Business,
June 26, 2006.

3
http://www.sfweekly.com/2007-01-03/news/porkmistress-pelosi
.

4
http://www.sfmta.com/cms/mcsp/cspover.htm
.

5 "Public Transit Boosts Property Values, If Conditions Are Right," National Association of Realtors,
http://realtor.org/transtools
.

6
http://www.urbantools.org/policy-papers/transportation/light-rail- increases-land-value-a-california-case-study
.

7 Matthew Mosk, "Lawmakers Cashing In on Real Estate, Financial Reports Reveal,"
Washington Post,
June 15, 2007.

8
http://www.legistorm.com/earmarks/details/member/504/Rep_Bennie_Thompson_MS/sort/amount/type/desc/year/all/page/3.html
, and
http://www.opensecrets.org/politicians/earmarks.php?cid=n00003288
.

9
http://www.countyofnapa.org/Pages/DepartmentContent.aspx?id=4294968331
.

10
http://www.concordmonitor.com/article/226248/tallying-greggs-earmarks-for-nh?CSAuthResp=%3Asession%3ACSUserId%7CCSGroupId%3Aapproved%3ABA4A9537C4BF4594E11F4B09D8217743&CSUserId=94&CSGroupId=1
.

11 Judd Gregg, Financial Disclosure, 2001–2008.

12 Sharon Theimer, Associated Press, February 27, 2009.

13 Theimer, Associated Press.

14 Jamie Klatell, "Judd Gregg Joins Goldman Sachs,"
The Hill,
May 27, 2011.

15 Christine Jindra, "Rep. David Hobson Steered Federal Money to Projects Near Properties He Owns,"
Cleveland Plain Dealer,
http://cleveland.com/openers/2008/05/Sabrina_eatonthe_plain_dealer.html
.

16
http://oig.tva.gov/PDF/09rpts/OIGMFinalReporttoEthicsComm.pdf
.

17 Maurice Hinchey, Financial Disclosure, 2004–2008.

18
http://dailyfreeman.com/articles/2010/05/21/news/doc4bf 60ccc73723880294024.txt
.

19 Jeremiah Marquez, "Probe Targets Land Deal,"
San Bernardino Sun,
September 6, 2006.

20
http://www.cnn.com/CNN/programs/anderson.cooper.360/blog/2007/07/earmark-request-hits-close-to-home.html
.

21 Chuck Neubauer and Tom Hamburger, "Will the Pork Stop Here?"
Los Angeles Times,
November 13, 2006.

22 John Solomon and Kathleen Hennessey, "Reid Got $1 Million in Land Deal," Associated Press, October 11, 2006.

 

5. SPREADING THE WEALTH ... TO BILLIONAIRES

1 Chuck Neubauer and Tom Hamburger, "Obama Donor Received State Grant,"
Los Angeles Times,
April 27, 2008.

2 James Atkinson, "Smart Grid Grants: Not Currently Taxable, but There's a Hitch,"
SmartGridNews.com
, March 12, 2010.

3 Bringing the Outside In, White House blog,
http://www.whitehouse.gov
, March 20, 2009.

4 https://lpo.energy.gov/?page_id=45.

5 "The Department of Energy's Loan Guarantee Program for Clean Energy Technologies," Audit Report, U.S. Department of Energy, Office of the Inspector General, Office of Audits and Inspections, March 2011, DOE/IG-0849, and Statement of Gregory H. Friedman, Inspector General, U.S. Department of Energy, Before the Subcommittee on Oversight and Investigations, Committee on Energy and Commerce, U.S. House of Representatives, March 17, 2011.

6 Briefing Memo, the White House, October 25, 2010, "Memorandum for the President, From: Carol Browner, Ron Klain, Larry Summers, Subject: Renewable Energy Loan Guarantees and Grants," pp. 1–8.

7 "First Solar Shares Rise on Government Loans News," Associated Press, May 12, 2011, and Duncan Greenberg and Tatian Seuffin, "The Next Billionaire Boom,"
Forbes.com
, April 1, 2009.

8 Lindsay Riddell, "Stimulus Funds Spark Cleantech Projects, IPOs,"
San Francisco Business Journal,
January 6, 2010.

9 Council of Economic Advisers, "The Economic Impact of the American Recovery and Reinvestment Act of 2009, Fifth Quarterly Report."

10 Leslie Wayne, "Democrats Look to Lobbyist to Finance Convention,"
New York Times,
July 14, 2008.

11 To learn more about Mr. Westly's exploits, read the joint investigative report on him by the Center for Public Integrity and ABC News: Ronnie Greene and Matthew Mosk, "Green Bundler with the Golden Touch: Obama Fundraiser Got Clean Energy Aid, Then Perch to Advise Energy Secretary," March 30, 2011.

12 "It's Official: Solynara Is First Solar Company Awarded Federal Loan,"
Wall Street Journal,
September 4, 2009, and "Obama's Kaiser Ties Criticized,"
Tulsa World,
April 1, 2008.

13 Iris Kuo, "Solyndra and Government Support for Clean Tech Under Fire,"
Reuters.com
, February 22, 2011.

14 Yuliya Chernova, "Loan was Solyndra's Undoing,"
Wall Street Journal,
September 16, 2011.

15 Lucy Johnson et al., Synapse Energy Economics, April 13, 2010, and "Phase Out Federal Subisidies for Coal," Coal Utilization Research Council, Issue Brief: DOE Guaranteed Loan Program, January 2010.

16
http://www.recovery.gov/Transparency/RecipientReportedData/pages/RecipientProjectSummary508.aspx?AwardIdSur=75488&AwardType=Grants
.

17 Lindsay Riddell, "Solar Trust Wins $2.1 Billion Loan Guarantee."
San Francisco Business Times,
April 18, 2011, and Paul Bedard, "Exxon, Chevron, BP Greased Obama's Campaign,"
U.S. News & World Report,
March 14, 2011.

18 Todd Woody, "Reading the Fine Print of Brightsource's $250 Million IPO,"
Forbes.com
, April 22, 2011.

19 Jim McTague, "Our Tough-Luck President,"
Barrons.com
, July 10, 2010.