Monday, November 28, 2011

Congressional Land Deals - #3448 - Peter Schweizer: Congressional Land Grabs for Fun and Profit - Hot Air

 Congressional Land  Grabs for Fun and Profit - Peter Schweizer, author of the provocative new book, Throw Them All Out, already made some waves talking about insider stock trading deals by members of congress and their staffers. But over the weekend, he continued his tour promoting the book and expanded his allegations into other types of secretive profiteering. He sat down on the Fox News show, Justice with Judge Jeannie Pirro, and broke out some allegations about manipulation of real estate by elected officials who use their legislative powers and inside knowledge to reap big profits. Demonstrating that such problems are pervasive in both parties, he begins by talking about former Republican Speaker of the House, Dennis Hastert. A transcript follows the video above, with the pertinent portion starting right around the two minute mark. Justice Jeannie: Dennis Hastert as well. Now here’s a guy who was a high school wrestling coach. When he retires as Speaker of the House, he’s worth eleven million dollars? Peter Schweizer: Yeah. I’d say it’s pretty remarkable. If you don’t have a taste for the stock market, and Dennis Hastert didn’t, Dennis Hastert liked buying land. So he legally bought 160 acres of farmland in rural Illinois, which is the state he was representing. A few months after he bought that land he legally put a $220M earmark into the federal highway bill to build a highway. And you know where that highway went? It went right by that land he’d just bought. And when it became public knowledge that this highway was being built with our money he was able to turn around and sell that land – and the total time here is a year – he was able to more than double his money. And that was courtesy of our taxpayer money. And this goes on all the time as well. Read more......

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