Hillary Clinton And Wall Street: Financial Industry May Control Retirement Savings In A Clinton Administration By David Sirota and Avi Asher-Schapiro, IBT, 10/19/16 at 12:50 AM
While Hillary Clinton has spent the presidential campaign saying as little as possible about her ties to Wall Street, the executive who some observers say could be her Treasury Secretary has been openly promoting a plan to give financial firms control of hundreds of billions of dollars in retirement savings. The executive is Tony James, president of the Blackstone Group.
It is a plan that proponents say could help millions of Americans — but could also enrich another constituency: the hedge fund and private equity industries that Blackstone dominates and that have donated millions to support Clinton’s presidential bid.
The proposal would require workers and employers to put a percentage of payroll into individual retirement accounts “to be invested well in pooled plans run by professional investment managers,” as James put it. In other words, individual voluntary 401(k)s would be replaced by a single national system, and much of the mandated savings would flow to Wall Street, where companies like Blackstone could earn big fees off the assets. And because of a gap in federal anti-corruption rules, there would be little to prevent the biggest investment contracts from being awarded to the biggest presidential campaign donors.
At the behest of Michigan Republican Party State Committee Member Matt Hall, it has been announced on multiple news outlets today that Michigan Republican Party Chairwoman Ronna Romney McDaniel has removed MRP Grassroots Vice Chair Wendy Day from her position due to comments made on Fox 2 Detroit last week regarding her unwillingness to support Donald Trump for President.
Citing party bylaws (and the teachings of Saul Alinsky), Mr. Hall claimed that her refusal to support ALL Republican party candidates on the ballot necessitated her removal from the position.
Mrs. Day issued a statement which can be read here.
It’s too bad that those bylaws are limited to only certain republicans?
I cannot help but think what would happen if they were applied to him, this guy or even these guys?
Clinton Township Trustee Dean Reynolds was charged with bribery Thursday, in the U.S. District Court for Eastern Michigan. Rizzo Environmental Services allegedly paid Reynolds $ 50,000 – $ 70,000 in cash for his vote and influence on an $18 million, 10 year garbage collection contract. Reynolds is also alleged to have received free legal services from a Rizzo connected attorney in his divorce case.
The Free Press reports that the “FBI’s years-long investigation is expected to trigger criminal charges against numerous politicians in towns and cities across Macomb County who engaged in pay-to-play schemes with various developers and businesses. The Clinton Township case, sources said, is just the tip of the iceberg and numerous more charges will follow.”
Rizzo Environmental Services is under contract in a lot of communities outside of Macomb County in Michigan. Who else have they bribed?
Tax loss carry forwards date back to at least 1954 in the U.S. tax code. The logic behind them is simple: if the government benefits from an entity’s income, it should share that same entity’s misfortune when it runs losses. Both moral and ethical, two concepts not usually associated with the U.S. tax code. The salacious case being made against Trump has no merit, except as propaganda. Remember, Trump had to lose $ 915 million on long term assets to get the tax loss carry forward. More importantly, Trump’s massive loss was created by a sea change in the rules of the game dictated by the same federal government.
Will Michigan continue to provide unchecked investments for unworthy results?
I would say that yes, we were indeed “Blown away” by the abuses of our state government allowing such abuse by the taxpayer.
Pure Michigan has become the key phrase for all thing corruptible and cronyist. According to Cap Con, much of the taxpayer largess spent on economic development has yielded zero benefit. They point out:
“.. In addition, some investment groups received millions through the fund but created zero jobs and no proceeds ..”
Attorney Thomas H. Bleakley (P23892) has to be feeling a lot like Captain John Yossarian, the harried protagonist of Joseph Heller’s great satirical novel Catch-22. Chief Judge Michael J. Talbot of the Michigan Court of Claims dismissed Attorney Bleakley’s Helen Moore et al v. Rick Snyder [16-000153-MM] lawsuit challenging the constitutionality of the Legislature’s passage of the DPS bail out on August 4th, in an order published on August 8th.
The Michigan Court of Claims was moved from the Ingham County Circuit Court to the Michigan Court of Appeals by PA 164 of 2013 to:
MCL 600.6419 Court of claims; exclusive jurisdiction; exceptions; claims less than $1,000.00; powers and jurisdiction; counterclaims; res judicata; setoff, recoupment, or cross declaration; writs of execution or garnishment; judgment as final; no jurisdiction of claim for compensation under MCL 418.101 to 418.941 and MCL 419.101 to 419.104; jurisdiction of circuit court over certain actions and proceedings; “the state or any of its departments or officers” defined.
(a) To hear and determine any claim or demand, statutory or constitutional, liquidated or unliquidated, ex contractu or ex delicto, or any demand for monetary, equitable, or declaratory relief or any demand for an extraordinary writ against the state or any of its departments or officers notwithstanding another law that confers jurisdiction of the case in the circuit court.
But, according to Judge Talbot, not the constitutional claims pleaded in Helen Moore et al v. Rick Snyder
Michigan’s campaign finance laws were designed to expose quid pro quo donations to legislators and politicians by the individuals and groups having special interests in government actions. A particular goal of campaign finance laws was to prevent politicians from benefiting personally from their votes and actions. In the American Civics version of representative government, politicians are expected to represent their voters exclusively. Selling their votes and actions to the highest bidder creates an unresponsive, alien government in short order. Think Venezuela, Illinois, or Detroit. Where Michigan is now heading.
Political campaigns are expensive today. Consultants and media outlets are the particular beneficiaries of lavish campaign spending and have, in turn, convinced candidates that money is the sine qua non of political success. Today, you are not considered a serious candidate for the lowest rung in the Michigan political firmament – State Representative – unless you have a $ 100,000 campaign war chest.
American politicians and their special interest backers are developing a technique which directs quid pro quo donations right into politicians’ pockets. This technique is fast becoming a staple of Michigan politics and Michigan’s nitwit media have ignored this ingannation of representative government.
Attorney Thomas H. Bleakley (P23892) filed a lawsuit (Helen Moore et al v. Rick Snyder, 16-000153-MM) in the Michigan Court of Claims on the 5th of July which alleges that the entire DPS bail out package’s passage was unconstitutional; the claim being it was in fact a collection of local acts according to the Michigan Constitution of 1963. Local acts require two-thirds legislative vote margins and voter approvals to become law. The six bills of the DPS bail out package were all passed, in both houses of the Michigan Legislature, under the more liberal 50% + 1 voting rule allowed only for general acts.
The Michigan Constitution of 1963, Article IV, Section 29 states “No local or special act shall take effect until approved two-thirds of the members elected to and serving in each house and by a majority of the electors voting thereon in the district affected….”. Article IV, Section 30 further states that “….two-thirds of the members elected to and serving in each house of the legislature shall be required for the appropriation of public money or property for local or private purposes.”.