Month: December 2015

Massive California Pension Fund Blocks Initiative to Disclose Fees Charged by Private Equity Firms

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The U.S. economy is so thoroughly corrupt and incestuous, each and every attempt to bring forward even the least bit of transparency is immediately stifled and quashed. The latest example is the thwarted attempt to bring some level of clarity surrounding private equity fees charged to California pensioners, which have amounted to $3.4 billion over the past two decades.

As reported by International Business Times:

Earlier this month, the nation’s largest public pension fund roiled the financial world: Officials overseeing $300 billion of California public employees’ retirement savings disclosed that the fund had paid $3.4 billion in fees to private equity firms over the last two decades. The news of the fees — and a call by California Treasurer John Chiang for legislation requiring more ongoing disclosure — seemed to herald a new trend toward greater transparency at a time when the Securities and Exchange Commission has warned that private equity investors may be getting hit hard by hidden fees.

That momentum toward transparency at the California Public Employees’ Retirement System (CalPERS), however, appeared to abruptly halt last week when pension overseers quietly rejected a measure that would have required Wall Street firms to disclose all possible levies before they get their hands on the retirement savings of the system’s 1.7 million members. Some CalPERS board members said they were concerned the measure might alienate private equity firms, thereby denying pensioners the benefits of those investments. 

Can you believe this ridiculous argument? It’s the exact type of absurd reasoning bank lobbyists use when they claim the government shouldn’t regulate them more or they’ll just move overseas and the U.S. economy will lose all that GDP from their criminal activities.

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Must Watch Video – U.S. Senator Issues Dire Warning on Unchecked Executive Power

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The deliberations of the Constitutional Convention of 1787 were held in strict secrecy. Consequently, anxious citizens gathered outside Independence Hall when the proceedings ended in order to learn what had been produced behind closed doors. The answer was provided immediately. A Mrs. Powel of Philadelphia asked Benjamin Franklin, “Well, Doctor, what have we got, a republic or a monarchy?”

With no hesitation whatsoever, Franklin responded, “A republic, if you can keep it.”

I actually can’t believe I’m writing this, but the following speech from freshman U.S. Senator Ben Sasse (R, Neb) is so thoughtful and inspiring, it should be required viewing for all American citizens.

To hear a U.S. Senator sound more like a statesman than a corrupt hack politician for sale to the highest bidder, is such a breath of fresh air I almost can’t believe it’s real. Rather than talking down to voters, he challenges them to become more enlightened, nonpartisan-thinkers with a sense of history. He challenges all of us to shake ourselves from an ignorant, fear-based stupor and reclaim the true genius and beauty at the heart of the American experiment.

Take the time to watch this. The entire thing, and then share it with everyone you know.

Thank you Ben Sasse, for proving that there remains a remnant of wise, honorable, decent people in U.S. government.

Finally, while we’re on the topic of executive overreach, here’s what Obama has planned for gun control in the new year…

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New Poll Shows 30% of Republicans and 19% of Democrats Support Bombing Fictional City from Aladdin

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If a nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be.

– Thomas Jefferson

Liberty cannot be preserved without a general knowledge among the people, who have a right, from the frame of their nature, to knowledge, as their great Creator, who does nothing in vain, has given them understandings, and a desire to know; but besides this, they have a right, an indisputable, unalienable, indefeasible, divine right to that most dreaded and envied kind of knowledge, I mean, of the characters and conduct of their rulers. Rulers are no more than attorneys, agents, and trustees, of the people; and if the cause, the interest, and trust, is insidiously betrayed, or wantonly trifled away, the people have a right to revoke the authority that they themselves have deputed, and to constitute other and better agents, attorneys and trustees.

– John Adams

Something that is often overlooked in our indictment of the corrupt status quo, is that one of the main reasons crony politicians and rapacious multinational corporations are able to so seamlessly pull off their unethical schemes is that a large percentage of the voting public is little more than a mass of ignorant zombies.

Proof of just how dangerous this ignorant mob can be was perfectly illustrated by a recent Public Policy poll which showed 30% of Republicans and 19% of Democrats support bombing Agrabah, the invented city from the animated Disney movie Aladdin.

Ladies and gentleman, I introduce to you the American primary voter.

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Congress Opens the Floodgates to Foreign Investment in U.S. Real Estate

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One of the key themes here at Liberty Blitzkrieg over the past couple of years, has been to highlight the fact that individuals or institutions with access to capital or cheap financing have been buying up properties across the U.S. in order to rent them to the same people foreclosed on during the financial crisis. This represents a primary driver in the transformation of the American economy into a neo-feual wasteland of broke debt serfs. The first article I ever wrote on the subject was titled, America Meet Your New Slumlord: Wall Street. Here’s an excerpt:

Well they aren’t really your “new” slumlord in the sense you have been debt slaves to the financials system for decades.  What I really mean is that it is now becoming overt and literal.  Literal because financiers are now the main players in the real estate market and are buying all the homes ordinary citizens were kicked out of over the past few years.  Yep, we bailed out the financial system so that financiers with access to cheap credit can buy up all of America’s real estate so that they can then rent it back to you later.

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“This is a Coup” – The Story of How Greece Lost Democracy

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This morning, I started watching a mini-documentary on this past year’s Greek saga titled, “This is a Coup,” which I found to be exhilarating, disheartening, infuriating, touching and powerful.

Below you can watch all four parts:

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Iraqi Soldiers Fighting ISIS Bombed by “Errant” U.S. Airstrike

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On the front lines of the battle against the Islamic State, suspicion of the United States runs deep. Iraqi fighters say they have all seen the videos purportedly showing U.S. helicopters airdropping weapons to the militants, and many claim they have friends and relatives who have witnessed similar instances of collusion.

Ordinary people also have seen the videos, heard the stories and reached the same conclusion — one that might seem absurd to Americans but is widely believed among Iraqis — that the United States is supporting the Islamic State for a variety of pernicious reasons that have to do with asserting U.S. control over Iraq, the wider Middle East and, perhaps, its oil.

“We don’t believe the Americans support Daesh,” said Naseer Nouri, spokesman for the Ministry of Defense, using the Arabic acronym for the Islamic State. “But it is true that most people are saying they do, and they are right to believe that the Americans should be doing much more than they are. It’s because America is so slow that most people believe they are supporting Daesh.”

The fighters there insist there have been no strikes by the Americans at all. “We’d be better off without them,” said 1st Lt. Murtada Fadl, who is serving with the Iraqi elite forces in Baiji. He said that the only air support had come from the Iraqi air force and that he wishes the government would ask the Russians to replace the Americans.

– From December’s post: Epic Foreign Policy Fail – Most Iraqis Think the U.S. Government Supports ISIS

That a majority of Iraqis believe the U.S. government is fighting on behalf of ISIS is a well established fact at this point. The following incident will merely add fuel to the fire.

From the Washington Post:

BAGHDAD – The Iraqi military said a U.S.-led coalition airstrike hit its forces on Friday, the first time it has reported a friendly fire incident since American jets began bombing Islamic State militants in the country last year.

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In Desperate Push to Retain Drone Pilots, the U.S. Air Force Will Offer $125,000 Re-Enlistment Bonus

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The fact that the U.S. Air Force has been struggling to attract and retain drone pilots has been well documented. For example, take the following excerpts from a November article in the LA Times:

Experienced pilots and crews complain of too much work, too much strain and too little chance for promotion operating the Predator and Reaper drones that provide surveillance and that fire missiles in Iraq, Syria and other war zones. Partly as a result, too few young officers want to join their ranks.

The Air Force has struggled with a drone pilot shortage since at least 2007, records show. In fiscal year 2014, the most recent data available, the Air Force trained 180 new pilots while 240 veterans left the field.

Some pilots also complain of the anguish and emotional damage that comes with murdering women and children while pretending to be in a video game. Recall the following from the post, Drone Whistleblower Claim – Pilots Often High on Drugs; Refer to Children as “Fun Size Terrorists”:

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Spanish Election Preview – Prime Minister Punched in the Face Ahead of Sunday’s Historic General Election

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This Sunday, Spaniards will head to the polls in what is expected to be a historic election. This is because the country’s two-party system, which has dominated national politics since 1975, will likely be disrupted by the strong performance of two emergent political parties, Podemos and Ciudadanos. Although Cuidadanos has been around since 2006, Podemos was only launched last year, making its rise that much more stunning and dramatic. As we noted last fall in the post, Brand New “Podemos” Political Party Surges Ahead of Incumbents in Spain as Catalans Prepare Informal Independence Vote:

Podemos was formed less than a year ago to channel Spaniards’ disaffection with Rajoy’s People’s Party and the opposition Socialists, who between them have run the country for the past 32 years.

With corruption allegations again swirling around the PP, that discontent may be reaching tipping point: a poll for El Pais newspaper yesterday showed Podemos doubled its support in a month to a record 28 percent. In doing so, it’s overtaken both main parties, while challenging European attempts to restore political stability after years of debt crisis.

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Paul Ryan Sneaks Massive Surveillance Bill Into $1.1 Trillion Must Pass Spending Legislation

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On Friday, Congress will vote on a mutated version of security threat sharing legislation that had previously passed through the House and Senate. These earlier versions would have permitted private companies to share with the federal government categories of data related to computer security threat signatures. Companies that did so would also receive legal immunity from liability under the Electronic Communications Privacy Act (ECPA) and other privacy laws. Today’s language, renamed the Cybersecurity Act of 2015 (Division N of the omnibus budget bill) mostly assembles the worst parts of the earlier bills to threaten privacy even further.

We have about two days to figure out what this so-called Cybersecurity Act (OmniCISA) means for consumer privacy in the US. That unfortunate timing is thanks to Speaker Paul Ryan’s decision to include language announced at 2am this morning as part of a must-pass spending bill scheduled for a vote Friday.

– From Jennifer Granick’s article: OmniCISA Pits DHS Against the FCC and FTC on User Privacy

I know it’s hard to believe, but yes, Paul Ryan is indeed far worse than John Boehner. The fact that Republican members of Congress chose to make him Speaker of the House tells you all you need to know about the true nature of the GOP and who they really work for (it’s not you). After all, Paul Ryan’s public record speaks for itself. He voted for the banker bailouts as well as the Iraq War. He’s a very well behaved little status quo puppet.

Moving along, what Mr. Ryan just did to intentionally target the 4th Amendment rights of American citizens could be described as treasonous. A move which exemplifies the complete and total disrespect he harbors toward the people he claims to represent. For a bit of context, let’s turn to a post published here last week which unfortunately failed to get much traction titled, Paul Ryan is Aggressively Lobbying to Pass “Frankenstein” CISA Spy Bill Through Congress. In it, we warned:

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New Study Shows How the U.S. Government is the “2nd Largest PR Firm in the World”

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Open the Books is a nonpartisan, non-profit organization focused on providing transparency in government. I’ve highlighted their work in the past, most recently related to how the EPA wasted $92.5 million of taxpayer money on high-end, luxury furniture over the past decade. Their latest report is even more disturbing.

It relates to the amount of money the U.S. government spends on PR, which in total amounts to nearly $4.5 billion over the past eight years. Open the Books split this spending up into two main categories. The first is $2.347 billion in salary and bonus payments to federal employees, and the other is $2.02 billion spent on outside contractors.

The organization released a 40 page report with their findings, which can be read in full here.

If you’re pressed for time, I’ve provided some highlights below.

Enjoy.

At OpenTheBooks.com we’re constantly pushing agencies at all levels of government – state, local and federal – to disclose their spending. Our motivation is clear, simple and straightforward. Taxpayers have a right to know how their money is being spent.

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