Essay by RW Spisak Jr.
..."For example, Rep. Ginny Brown-Waite, a Florida Republican, bought Citigroup stock valued between $1,001 and $15,000 on Oct. 2, the day before the House passed the financial rescue bill and President George W. Bush signed it into law, records show. She opposed the bill.
Eleven days later, she bought $1,001 to $15,000 worth of Bank of America stock. It was on the same day that then-Treasury Secretary Henry Paulson told leading banks that he expected them to accept billions in bailout money to prevent a financial meltdown.
Brown-Waite, who has since left the committee to join the tax-writing Ways and Means Committee, and her spokeswoman would not comment for this article. The precise value of her investments is not publicly known because financial disclosure reports provide only broad ranges, although some members include detailed brokerage reports..."The original article from the Cleveland Plain Dealer further states that "The transactions may not have been illegal or against congressional rules, but securities attorneys and congressional watchdog groups say they raise flags about the appearance of conflicts of interest."
How can you face your constituents and tell them you are carefully weighing banking policy or TAX POLICY when it seems that you took time away from overseeing the largest credit and banking crisis since The Great Depression to line your pockets?
Will you be using the same "ME FIRST" logic as you work to develop National Tax Policy?
I'm sure that your constituents would be surprised to know ..."Many details about the massive financial bailout last fall were widely known outside Capitol Hill. Yet members of the Financial Services Committee were privy to closed-door discussions, staff briefings and political horse-trading decisions between political parties, Congress and the White House. Banks lobbied Congress and the administration heavily.
Banks that received bailout money spent $77 million on lobbying and $37 million on federal campaign contributions last year, according to the Center for Responsive Politics. The center found that the banks spending the heaviest got the biggest rescue packages...."
I'm sure your constituents are proud as peacocks about your dedication to making a BUCK. Happy for you, just knowing you could take advantage of your inside knowledge of the banking and securities changes, rushed through by the Bush Administration. I know, I sleep better knowing the Congresspersons of your caliber (small bore) can even now find time out of the hectic pace of the oversight of MELT DOWN of the American Credit System, to feather your own, nest. You set a high bar. Maybe there are even more in your FUTURE!
Sleep well, Now I just hope your temporary seat on the Taxation Committee, leaves time for you to still make a little on the side!
Drop her a note, let her know just how you feel!
Rep. Ginny Brown-Waite,
Florida Republican 5th District
414 Cannon House Office Bldg
Washington, DC 20515
Phone (202) 225-1002
16224 Spring HIll Dr Brooksville,
Phone (352) 799-8354
Richard W. Spisak Jr.