Posted by
Madeline's Dad on Thursday, February 01, 2007 10:15:55 AM
Remember that whole "draining the swamp" thing that the Democrats promised to fix, once they got elected?
They better take a look at Dianne Feinstein.
This investigation examined thousands of pages of documents, including transcripts of congressional hearings, U.S. Security and Exchange Commission filings, government audits and reports, federal procurement data and corporate press releases. The findings were shared with contracting and ethics experts at several nonpartisan, Washington, D.C.-based government oversight groups. Danielle Brian, executive director of the Project on Government Oversight, a nonprofit organization that analyzes defense contracts and who examined our evidence says, "The paper trail showing Sen. Feinstein's conflict of interest is irrefutable."
On the face of it, there is nothing objectionable about a senator closely examining proposed appropriations or advocating for missile defense or advancing the cleanup of a toxic military base. Blum profitably divested himself of ownership of both URS and Perini in 2005, ameliorating the conflict of interest. But Feinstein's ethical dilemma arose from the fact that, for five years, the interests of Perini and URS and CB Richard Ellis were inextricably entwined with her leadership of MILCON, which last year approved $16.2 billion for military construction projects.
Melanie Sloan, executive director of Citizens for Responsible Ethics in Washington, remarks, "There are a number of members of Congress with conflicts of interest. [California Republican Congressman John T.] Doolittle, for example, hired his wife as a fundraiser, and she skimmed 15 percent off of all campaign contributions. Others, like [former] Speaker [Dennis] Hastert and Cong. [Ken] Calvert, were earmarking federal money for roads to enhance the value of property held by their families.
"But because of the amount of money involved," Sloan continues, "Feinstein's conflict of interest is an order of magnitude greater than those conflicts."
Feinstein and her husband ("Blum" in the following information) have done quite well in the last few years. The next time one of your Leftie friends spews the Democrat Talking Point "follow the money, who is getting rich off this war", you can point to Dianne Feinstein:
And she is wealthy. In 2005, Roll Call calculated Feinstein's wealth, including Blum's assets, at $40 million, up 25 percent from the year before. That made her the ninth wealthiest member of Congress. Feinstein's latest Public Financial Disclosure Report shows that in 2005 her family earned income of between $500,000 and $5 million from capital gains on URS and Perini stock combined. From CB Richard Ellis, Blum earned between $1.3 million to $4 million. (The report allows for disclosure of dollar amounts within ranges, which accounts for the wide variance.)
In 2000, according to public records, Perini—which partly specializes in erecting casinos—earned a mere $7 million from federal contracts. Post-9/11, Perini transformed into a major defense contractor. In 2004, the company earned $444 million for military construction work in Iraq and Afghanistan, as well as for improving airfields for the U.S. Air Force in Europe and building base infrastructures for the U.S. Navy around the globe. In a remarkable financial recovery, Perini shot from near penury in 1997 to logging gross revenues of $1.7 billion in 2005.
In December 2005, Perini publicly identified one of its main business competitors as Halliburton. The company attributed its growing profitability, in large part, to its Halliburton-like military construction contracts in Iraq and Afghanistan. But the company warned investors that if Congress slammed the brakes on war and occupation in the Middle East, Perini's stock could plummet.
Just in case you still aren't convinced it's all about the money for Feinstein, check this out:
According to Klein and to public records, Blum's firm originally paid $4 a share for a controlling interest in Perini's common stock. After a series of complicated stock transactions, Blum ended up owning 13 percent of the company, a majority interest. In mid- and late 2005, Blum and his firm took their profits by selling about 3 million Perini shares for $23.75 per share, according to Klein and reports filed with the SEC. Klein says Blum personally owned 100,000 of the vastly appreciated shares when they were sold. Shortly thereafter, Feinstein began calling for winding down the Iraq war while urging that the "global war on terror" continue indefinitely.
For my readers in Tucson let me break that down for you:
1. Feinsteins husband paid $4 for Perini stock.
2. He eventually wound up with 13% of the Company.
3. Feinsteins husband sold 3 million share of stock for $23.75 per share
4. Feinsteins husband personally made at least $1,975,000 on the sale
5. After Feinsteins husband sold these shares, Feinstein began calling for "winding down" the Iraq War.
How about Feinsteins background? I always thought she was against the war:
Californians elected San Francisco's former Mayor Dianne Feinstein to the Senate in 1992. She was overwhelmingly re-elected in November 2006. She is well liked by both liberals and conservatives. She supports abortion rights and gun control laws. She politicked this year for renewal of the Patriot Act and sponsored a constitutional amendment to ban American flag burning. She is currently calling for President Bush to set a timetable for withdrawing troops from Iraq, but she strongly supported the invasions, occupations and "reconstructions" of both Iraq and Afghanistan. She sits on the Defense Appropriations subcommittee and the Senate Intelligence Committee, and she is a consistent hawk on matters military.
Take a few minutes and read the whole story. It certainly appears that Ms. Feinstein has some explaining to do.
(h/t: to Michelle Malkin for finding this article)