An alternative title would be "Corruption is in the genetic code" as the daughter of President Barack Obama’s former pastor, Rev. Jeremiah Wright, was indicted on charges of lying to federal authorities and money laundering.
You remember Reverend Jeremiah Wright don't you? Obama's pastor for over 20 years,.....the man who said "Not God Bless America, but God Damn America!" because in his eyes and the eyes of many liberal douche bags, America is bad,.........America is the enemy.
Anyway back to the family tree,....Jeremiah Wright's daughter Jeri Wright was charged with seven counts of giving false testimony to a grand jury, two counts of money laundering, and two counts of making false statements to federal officers in a case involving a $1.25 million state grant for a non-profit program called “We Are Our Brother’s Keeper.” The indictment alleges that Wright bagged three checks totaling $28,000 in funds intended for work related to the grant.
Nice! Chicago Democrat politics at it's best!
Cowboys and the Tea Party political movement have a lot on common. Both believe in individual responsibility; judging a man by his actions not words; and, both are disgusted with government intrusions into our lives and particularly our God given rights.
Saturday, April 13, 2013
Friday, April 12, 2013
It Figures,...More NY Politicians Arrested for Corruption
U.S. charges New York assemblyman, others with corruption, from Reuters
NEW YORK (Reuters) - New York State Assemblyman Eric Stevenson and four others were charged with corruption by U.S. prosecutors on Thursday, in the second federal graft case brought against New York politicians this week.
Federal prosecutors have accused Stevenson of taking more than $22,000 in bribes in exchange for official acts, which included drafting and sponsoring legislation to assist four businessmen in opening a network of adult daycare centers in the Bronx and avoid competition.
A Democrat from a prominent Bronx political family who was elected in 2010, Stevenson also sought to have one of the daycare centers named for his grandfather, according to prosecutors.
Stevenson's district office offered no comment.
"For the second time in three days, we unseal criminal charges against a sitting member of our state legislature," U.S. Attorney for the Southern District of New York Preet Bharara told a news conference.
"The allegations illustrate the corruption of an elected representative's core function - a legislator selling legislation," Bharara said. "And based on these allegations, it becomes more and more difficult to avoid the sad conclusion that political corruption in New York is indeed rampant and that a show-me-the-money culture in Albany is alive and well."
Since 1999, 20 state legislators in New York have been ousted because of criminal or ethical issues, according to the good government group Citizens Union. The New York Public Interest Research Group found that, since 2007, state senators have been more likely to be arrested than to lose their seats in a general election.
Allegations that elected officials were all too eager to hand the legislative process over to individuals offering a modest financial awards have shaken the New York political establishment, and led to urgent calls for reform.
In a separate case on Tuesday, Democratic New York State Senator Malcolm A. Smith was arrested and charged with trying to buy a place on the Republican ticket in the city's mayoral race, in what prosecutors said was his central role in a series of bribery schemes that reflected pervasive corruption in New York politics.
Five other politicians - three Republicans and two Democrats - were also arrested and charged with collectively accepting more than $100,000 of bribes in meetings that often took place in parked cars, hotel rooms and state offices, according to court papers.
In Thursday's case, two of the other defendants were charged in connection with paying a bribe to another assemblyman, who was cooperating with federal prosecutors at the time. Bharara said the assemblyman, whom he did not identify by name, has agreed to resign from office as part of a non-prosecution agreement.
NEW YORK (Reuters) - New York State Assemblyman Eric Stevenson and four others were charged with corruption by U.S. prosecutors on Thursday, in the second federal graft case brought against New York politicians this week.
Federal prosecutors have accused Stevenson of taking more than $22,000 in bribes in exchange for official acts, which included drafting and sponsoring legislation to assist four businessmen in opening a network of adult daycare centers in the Bronx and avoid competition.
A Democrat from a prominent Bronx political family who was elected in 2010, Stevenson also sought to have one of the daycare centers named for his grandfather, according to prosecutors.
Stevenson's district office offered no comment.
"For the second time in three days, we unseal criminal charges against a sitting member of our state legislature," U.S. Attorney for the Southern District of New York Preet Bharara told a news conference.
"The allegations illustrate the corruption of an elected representative's core function - a legislator selling legislation," Bharara said. "And based on these allegations, it becomes more and more difficult to avoid the sad conclusion that political corruption in New York is indeed rampant and that a show-me-the-money culture in Albany is alive and well."
Since 1999, 20 state legislators in New York have been ousted because of criminal or ethical issues, according to the good government group Citizens Union. The New York Public Interest Research Group found that, since 2007, state senators have been more likely to be arrested than to lose their seats in a general election.
Allegations that elected officials were all too eager to hand the legislative process over to individuals offering a modest financial awards have shaken the New York political establishment, and led to urgent calls for reform.
In a separate case on Tuesday, Democratic New York State Senator Malcolm A. Smith was arrested and charged with trying to buy a place on the Republican ticket in the city's mayoral race, in what prosecutors said was his central role in a series of bribery schemes that reflected pervasive corruption in New York politics.
Five other politicians - three Republicans and two Democrats - were also arrested and charged with collectively accepting more than $100,000 of bribes in meetings that often took place in parked cars, hotel rooms and state offices, according to court papers.
In Thursday's case, two of the other defendants were charged in connection with paying a bribe to another assemblyman, who was cooperating with federal prosecutors at the time. Bharara said the assemblyman, whom he did not identify by name, has agreed to resign from office as part of a non-prosecution agreement.
Wednesday, April 10, 2013
Another Bankrupt California City
Retiring from the City at 50 years old and drawing 90% of your highest pay or being employeed for as little as six months and getting life time health benefits are a couple of the reasons Stockton, California is going bankrupt.
The people of Stockton will feel financial fallout for years after a federal judge ruled Monday to let the city become the most populous in the nation to enter bankruptcy. This coming from an Associated Press article yesterday.
But the case is also being watched closely because it could answer the significant question of who gets paid first by financially strapped cities — retirement funds or creditors.
"I don't know whether spiked pensions can be reeled back in," U.S. Bankruptcy Judge Christopher Klein said while making the ruling. "There are very complex and difficult questions of law that I can see out there on the horizon."
The potential constitutional question in the Stockton case is whether federal bankruptcy law trumps a California law that says money owed to the state pension fund must be paid. In making his ruling, Klein disagreed with creditors who argued that Stockton failed to pursue all avenues for straightening out its financial affairs.
"It's apparent to me the city would not be able to perform its obligations to its citizens on fundamental public safety as well as other basic government services without the ability to have the muscle of the contract-impairing power of federal bankruptcy law," Klein said.
A statement released by creditors said the group "respectfully disagrees with the court's ruling." The legal team for those creditors declined to say whether it would ask Klein for permission to appeal his decision — a requirement of bankruptcy code.
Stockton has tried to restructure some debt by slashing employment, renegotiating labor contracts, and cutting health benefits for workers. Library and recreation funding have been halved, and the scaled-down Police Department only responds to emergencies in progress. The city crime rate is among the highest in the nation.
Since cities can't liquidate assets, those that declare bankruptcy must come up with a plan for creditors to forgive some of the debt.
Holders of the biggest portion of Stockton's debt insured $165 million in bonds the city issued in 2007 to keep up with payments to the California Public Employees Retirement System as property taxes plummeted during the recession.
Stockton now owes CalPERS about $900 million to cover pension promises, far the city's largest financial obligation. Many struggling cities across California are in the same situation.
So far, Stockton has kept up with pension payments while reneging on other debts, maintaining it needs a strong pension plan to retain its pared-down workforce.
Attorneys for creditors argued that it was unfair for their clients to accept reduced payments while the pensions negotiated in flush times went untouched. They argued that employees who shared the wealth during good times should bow have to endure some of the pain with cuts to their pensions.
Legal observers expect the creditors to aggressively challenge the repayment plan presented by Stockton in the next phase of the process.
"That's where it will be precedent-setting," said Karol Denniston, a municipal restructuring expert who monitored the trial. "Does bankruptcy code apply to CalPERS or not? If bankruptcy code trumps state law, then that's huge and it has huge implications in terms of what happens next for other municipalities across California."
The state pension plan manages $255 billion in assets but was underfunded by $87 billion in 2011, the last time calculations were made. CalPERS is in the process of setting new rates to close the liability, said spokeswoman Amy Norris.
The changes could further strain at least two dozen other financially strapped cities, including San Bernardino, San Jose, Compton, Fairfield, Watsonville, Atwater.
"Just about everybody has an unfunded liability," Norris said.
Legal observers of the first-ever Chapter 9 bankruptcy case questioning state pension obligations expect an appeal to decide whether the 10th Amendment that gives rights to states is more powerful than federal bankruptcy code
Even Judge Klein, who was inclined at first to approve bankruptcy without a trial, said he was going forward with the hearing that ended Monday to create an appellate record.
Now the city of nearly 300,000 people begins a months-long process of negotiations over debt repayment. Already Stockton has spent $2 million on mediation and up to $5 million on the eligibility case, said Bob Deis, Stockton's city manager.
"There's nothing to celebrate about bankruptcy," he said. "But it is a vindication of what we've been saying for nine months."
The people of Stockton will feel financial fallout for years after a federal judge ruled Monday to let the city become the most populous in the nation to enter bankruptcy. This coming from an Associated Press article yesterday.
But the case is also being watched closely because it could answer the significant question of who gets paid first by financially strapped cities — retirement funds or creditors.
"I don't know whether spiked pensions can be reeled back in," U.S. Bankruptcy Judge Christopher Klein said while making the ruling. "There are very complex and difficult questions of law that I can see out there on the horizon."
The potential constitutional question in the Stockton case is whether federal bankruptcy law trumps a California law that says money owed to the state pension fund must be paid. In making his ruling, Klein disagreed with creditors who argued that Stockton failed to pursue all avenues for straightening out its financial affairs.
"It's apparent to me the city would not be able to perform its obligations to its citizens on fundamental public safety as well as other basic government services without the ability to have the muscle of the contract-impairing power of federal bankruptcy law," Klein said.
A statement released by creditors said the group "respectfully disagrees with the court's ruling." The legal team for those creditors declined to say whether it would ask Klein for permission to appeal his decision — a requirement of bankruptcy code.
Stockton has tried to restructure some debt by slashing employment, renegotiating labor contracts, and cutting health benefits for workers. Library and recreation funding have been halved, and the scaled-down Police Department only responds to emergencies in progress. The city crime rate is among the highest in the nation.
Since cities can't liquidate assets, those that declare bankruptcy must come up with a plan for creditors to forgive some of the debt.
Holders of the biggest portion of Stockton's debt insured $165 million in bonds the city issued in 2007 to keep up with payments to the California Public Employees Retirement System as property taxes plummeted during the recession.
Stockton now owes CalPERS about $900 million to cover pension promises, far the city's largest financial obligation. Many struggling cities across California are in the same situation.
So far, Stockton has kept up with pension payments while reneging on other debts, maintaining it needs a strong pension plan to retain its pared-down workforce.
Attorneys for creditors argued that it was unfair for their clients to accept reduced payments while the pensions negotiated in flush times went untouched. They argued that employees who shared the wealth during good times should bow have to endure some of the pain with cuts to their pensions.
Legal observers expect the creditors to aggressively challenge the repayment plan presented by Stockton in the next phase of the process.
"That's where it will be precedent-setting," said Karol Denniston, a municipal restructuring expert who monitored the trial. "Does bankruptcy code apply to CalPERS or not? If bankruptcy code trumps state law, then that's huge and it has huge implications in terms of what happens next for other municipalities across California."
The state pension plan manages $255 billion in assets but was underfunded by $87 billion in 2011, the last time calculations were made. CalPERS is in the process of setting new rates to close the liability, said spokeswoman Amy Norris.
The changes could further strain at least two dozen other financially strapped cities, including San Bernardino, San Jose, Compton, Fairfield, Watsonville, Atwater.
"Just about everybody has an unfunded liability," Norris said.
Legal observers of the first-ever Chapter 9 bankruptcy case questioning state pension obligations expect an appeal to decide whether the 10th Amendment that gives rights to states is more powerful than federal bankruptcy code
Even Judge Klein, who was inclined at first to approve bankruptcy without a trial, said he was going forward with the hearing that ended Monday to create an appellate record.
Now the city of nearly 300,000 people begins a months-long process of negotiations over debt repayment. Already Stockton has spent $2 million on mediation and up to $5 million on the eligibility case, said Bob Deis, Stockton's city manager.
"There's nothing to celebrate about bankruptcy," he said. "But it is a vindication of what we've been saying for nine months."
Subscribe to:
Posts (Atom)