08
Jul 12

Jack Abramoff: Lobbyist Turned Whistleblower

Jack Abramoff may be the most notorious and crooked lobbyist of our time. He was at the center of a massive scandal of brazen corruption and influence peddling. As a Republican lobbyist, starting in the mid-1990s, he became a master at showering gifts on lawmakers in return for their votes on legislation and tax breaks favorable to his clients. He was so good at it, he took home $20 million a year.

As we first reported last November, it all came crashing down six years ago when Jack Abramoff pled guilty to corrupting public officials, tax evasion, and fraud; and served three and a half years in prison. Today, he’s a symbol of how money corrupts Washington. In our interview, he opened up his playbook for the first time, and explained exactly how he used his clients’ money to buy powerful friends and influence legislation.

Jack Abramoff: I was so far into it that I couldn’t figure out where right and wrong was. I believed that I was among the top moral people in the business. I was totally blinded by what was going on.

Jack Abramoff was a whiz at influencing legislation and one way he did that was to get his clients, like some Indian tribes, to make substantial campaign contributions to select members of Congress.

Abramoff: As I look back it was effective. It certainly helped the people I was trying to help, both the clients and the Republicans at that time.

Lesley Stahl: But even that, you’re now saying, was corrupt?

Abramoff: Yes.

Stahl: Can you quantify how much it costs to corrupt a congressman?

Abramoff: I was actually thinking of writing a book – “The Idiot’s Guide to Buying a Congressman” – as a way to put this all down. First, I think most congressmen don’t feel they’re being bought. Most congressmen, I think, can in their own mind justify the system.

via Jack Abramoff: The lobbyist’s playbook – CBS News.


08
Jul 12

Libor: The Crime of the Century

Source: The Nation:

Forget Bernie Madoff and Enron’s Ken Lay—they were mere amateurs in financial crime. The current Libor interest rate scandal, involving hundreds of trillions in international derivatives trade, shows how the really big boys play. And these guys will most likely not do the time because their kind rewrites the law before committing the crime.

Modern international bankers form a class of thieves the likes of which the world has never before seen. Or, indeed, imagined. The scandal over Libor—short for London interbank offered rate—has resulted in a huge fine for Barclays Bank and threatens to ensnare some of the world’s top financers. It reveals that behind the world’s financial edifice lies a reeking cesspool of unprecedented corruption. The modern-day robber barons pillage with a destructive abandon totally unfettered by law or conscience and on a scale that is almost impossible to comprehend.


08
Jul 12

‘Fareed Zakaria GPS’ Transcript (7-8-12)

Full transcript. Excerpt below:

Before that though, a truly Global Public Square, we’ve assembled a panel from across the globe to talk about the many international problems; Syria, Egypt, Iran, Europe and more. And, on this July 4th week, we’ll also look at America from the outside in.

Also, who creates jobs? It is the 1 percent or is it the middle class? We have a debate, a fascinating debate between two 1 percenters. Finally, tanks for the memories, a somewhat beautiful ballet by 50-ton ballerinas.

Continue reading →


08
Jul 12

Afghanistan’s multimillion ‘highway to nowhere’

A flagship multimillion-pound highway linking Afghanistan’s major cities is of no use to the majority of the population and at risk of crumbling during the winter, a secret report presented to British ministers has warned.

The 2,700km “Highway 1″, largely bankrolled by American and Saudi millions, was seen as a symbol of Afghanistan’s emergence as a modern democratic nation after decades of oppressive rule and conflict. But senior figures within the Foreign Office (FCO) have questioned the priority given to the project – and the standard of the finished road.

A confidential paper under discussion in the department, seen by The Independent on Sunday, claims the road is not completely “metalled” with a durable surface, and has a layer of tarmac too thin to last an Afghan winter, leaving lengthy stretches in danger of disintegration. The document also complained that the highway was “of no value at all” to the vast majority of Afghans, who need better local roads to help them travel to towns closer to home.

via Afghanistan’s multimillion ‘highway to nowhere’ – Asia – World – The Independent.


08
Jul 12

California Legislature Approves Resolution Opposing Citizens United Ruling

California today became the largest state in the nation urging Congress to draft a constitutional amendment to overturn the U.S. Supreme Court’s controversial Citizens United v. Federal Election Commission ruling. AJR 22 by Wieckowski and Allen seeks to restore balance to campaign finance spending.

The state Senate voted 24 to 11 to approve Assembly Joint Resolution 22, authored by Assemblymembers Bob Wieckowski (D-Fremont) and Michael Allen (D-Sonoma). The 2010 court ruling ignored long-standing precedent and allows corporations and unions to spend unlimited amounts of money to support or oppose candidates. The state Assembly passed the resolution in March.

via California Legislature Approves Resolution Opposing Citizens United Ruling : California Newswire.