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Showing posts with label Republicans. Show all posts
Showing posts with label Republicans. Show all posts

Tuesday, March 1, 2011

Republicans question top SEC attorney on Madoff ties (Reuters)

By Sarah N. Lynch Sarah N. Lynch – Fri Feb 25, 10:10 am ET

WASHINGTON (Reuters) – Several key House Republicans are raising questions of ethics about the top attorney at the Securities and Exchange Commission amid allegations that his family's estate received $1.5 million in phony profits from Bernard Madoff's Ponzi scheme.

In a letter to SEC Chairman Mary Schapiro, they ask questions about what SEC General Counsel David Becker knew about his parents' investments with Madoff and whether he recused himself from advising and representing the commission on Madoff matters.

The letter, which was dated February 24 and disclosed publicly on Friday, comes in response to a lawsuit filed against Becker and his brothers by Madoff trustee Irving Picard. The December lawsuit says that Becker's mother's estate received a little over $2 million from Madoff investments, $1.5 million of which constitutes phony profits. Becker and his brothers are the co-executors of their mother's estate. His mother passed away in 2004.

Madoff was arrested in December 2008 after admitting he ran a decades-long, multibillion-dollar swindle, considered the biggest investment fraud in history.

The suit does not allege that Becker or his brothers knew of the fraud. But it seeks to recover the $1.5 million so it can be returned to other harmed investors.

The SEC has said Becker was not involved in his family's finances and that he did not recall any investments made with Bernard L. Madoff Investment Securities LLC.

Becker is slated to leave his job with the SEC at the end of this month. He most recently served as general counsel since early 2009, but previously he also worked as general counsel under past SEC Chairmen Arthur Levitt and Harvey Pitt.

In the letter, the Republicans ask about whether Becker was aware in 2002 of the tips the SEC had received about Madoff from Harry Markopolos.

They also ask about his past interactions with Madoff, if any, and whether he provided counsel to the SEC on Madoff matters.

Upon Becker's return to the agency in 2009, they also ask if he informed anyone there about his parents' investments and recused himself on Madoff matters.

The letter was signed by top Republicans on the House Financial Services Committee, which oversees the SEC. The signatories include House Financial Services Chairman Spencer Bachus and Vice Chairman Jeb Hensarling as well as House Financial Services oversight subcommittee chairman Randy Neugebauer and House Financial Services capital markets subcommittee chairman Scott Garrett.

(Reporting by Sarah N. Lynch, editing by Dave Zimmerman)


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Friday, February 25, 2011

Republicans question top SEC attorney on Madoff ties (Reuters)

By Sarah N. Lynch Sarah N. Lynch – Fri Feb 25, 10:10 am ET

WASHINGTON (Reuters) – Several key House Republicans are raising questions of ethics about the top attorney at the Securities and Exchange Commission amid allegations that his family's estate received $1.5 million in phony profits from Bernard Madoff's Ponzi scheme.

In a letter to SEC Chairman Mary Schapiro, they ask questions about what SEC General Counsel David Becker knew about his parents' investments with Madoff and whether he recused himself from advising and representing the commission on Madoff matters.

The letter, which was dated February 24 and disclosed publicly on Friday, comes in response to a lawsuit filed against Becker and his brothers by Madoff trustee Irving Picard. The December lawsuit says that Becker's mother's estate received a little over $2 million from Madoff investments, $1.5 million of which constitutes phony profits. Becker and his brothers are the co-executors of their mother's estate. His mother passed away in 2004.

Madoff was arrested in December 2008 after admitting he ran a decades-long, multibillion-dollar swindle, considered the biggest investment fraud in history.

The suit does not allege that Becker or his brothers knew of the fraud. But it seeks to recover the $1.5 million so it can be returned to other harmed investors.

The SEC has said Becker was not involved in his family's finances and that he did not recall any investments made with Bernard L. Madoff Investment Securities LLC.

Becker is slated to leave his job with the SEC at the end of this month. He most recently served as general counsel since early 2009, but previously he also worked as general counsel under past SEC Chairmen Arthur Levitt and Harvey Pitt.

In the letter, the Republicans ask about whether Becker was aware in 2002 of the tips the SEC had received about Madoff from Harry Markopolos.

They also ask about his past interactions with Madoff, if any, and whether he provided counsel to the SEC on Madoff matters.

Upon Becker's return to the agency in 2009, they also ask if he informed anyone there about his parents' investments and recused himself on Madoff matters.

The letter was signed by top Republicans on the House Financial Services Committee, which oversees the SEC. The signatories include House Financial Services Chairman Spencer Bachus and Vice Chairman Jeb Hensarling as well as House Financial Services oversight subcommittee chairman Randy Neugebauer and House Financial Services capital markets subcommittee chairman Scott Garrett.

(Reporting by Sarah N. Lynch, editing by Dave Zimmerman)


View the original article here

Sunday, February 20, 2011

Republicans challenging unions in state capitols (AP)

By DAVID A. LIEB and SAM HANANEL, Associated Press David A. Lieb And Sam Hananel, Associated Press – 2 hrs 19 mins ago

Republicans who swept into power in state capitols this year with promises to cut spending and bolster the business climate now are beginning to usher in a new era of labor relations that could result in the largest reduction of power in decades for public employee unions.

But as massive public protests and legislative boycotts in Wisconsin this week have shown, the Republican charge can be fraught with risk and unpredictable turns as politicians try to transform campaign ideas into action.

The question GOP governors and lawmakers are now facing is exactly how far they can go without encountering a backlash. Do they merely extract more money from school teachers, prison guards and office workers to help ease their states' budget problems? Or do they go at the very core of union power by abolishing the workers' right to bargain collectively? Do they try to impose changes by steamrolling the opposition, or by coming to the bargaining table?

"The consequences will be rolling forth for many, many years," said James Gregory, director of Center for Labor Studies at the University of Washington. "The battle lines have been drawn and will be replicated around the country. This is going to be very tough for unions and public sector employees."

In Wisconsin, new Republican Gov. Scott Walker is going for it all — the elimination of collective bargaining rights for public employees plus sharp increases in their health care and pension payments. His plan advanced quickly to the Republican-led Senate, despite several days of protests that drew tens of thousands of demonstrators to the Capitol. Then Senate Democrats suddenly fled the state Thursday, bringing the legislative process to a halt.

Wisconsin was the first battleground. But it is unlikely to be the last.

A similar proposal to strip public employees of collective bargaining rights drew throngs of protesters Thursday at the Ohio Capitol. Hundreds more have demonstrated in Tennessee and Indiana, where Republican-led committees have advanced bills to restrict bargaining rights for teachers' unions. And governors from Nevada to Florida have been touting the need to weaken union powers and extract more money from government employees to help balance out-of-whack budgets.

The confrontation comes as organized labor is reeling from a steady loss of members in the private sector. The public sector, with about 7.6 million members, now account for the majority of workers on union rolls, according to the federal Bureau of Labor Statistics.

Among union leaders, a sense of crisis is growing. Labor is preparing to spend at least $30 million to fight anti-union legislation in dozens of states, according to internal budget numbers reviewed by The Associated Press. They're lobbying local officials, organizing public rallies, working phone banks and buying television and newspaper ads in a desperate attempt to swing public opinion.

"Plans are being put into place to silence workers, lower their wages, cut their benefits and increase the likelihood that they will suffer injuries and fatalities at work," said Gerald McEntee, president of the American Federation of State, County and Municipal Employees. "It is happening at a breakneck pace and too little attention is being paid."

Labor plans to spend large amounts of money on battles in Florida, Indiana, Michigan, Minnesota, New Jersey, Ohio, Missouri, New Hampshire, Maine, Pennsylvania and Wisconsin. Unions see their goal as not just playing defense — as opponents chip away at bargaining rights — but going on offense to try to educate the public about the role of unions.

But last fall's midterm elections, which brought the defeat of many union-supported candidates and victories by pro-business Republican adversaries, show the difficulty the unions face in a climate shaped by the sour economy. In many states, Republican governors have blamed unions in part for the state budget crisis by negotiating flush benefit packages for public workers that have forced states to slash aid to schools, social services and important services.

Wisconsin's legislation, for example, not only would eliminate collective bargaining rights but also force public workers to pay half the costs of their pensions and at least 12.6 percent of their health care coverage — increases the governor calls "modest" compared with those in the private sector. It's projected to save $300 million over the next two years to address a $3.6 billion budget shortfall.

Ohio Gov. John Kasich, citing an estimated $8 billion budget gap, wants to restrict union rights for state workers and in townships, cities, counties, school districts and publicly funded universities. The legislation would generally eliminate salary schedules.

Kasich drew support Thursday from local tea party leader Ted Lyons, an electronics executive from Troy, Ohio, who said the proposed union changes are long overdue. "The labor unions have become so powerful now on a worldwide basis," Lyons said. "It's beyond just the benefits of the membership, it's about all the spending."

Lyons' voice was nearly drowned out by a crowd of protesters.

But some other Republicans are intentionally avoiding the sorts of confrontations that have sparked demonstrations.

Michigan Gov. Rick Snyder, the former chief operating officer of computer manufacturer Gateway Inc., won election last November on a similar pro-business agenda and also wants savings from public employee costs. But he's not seeking to abolish collective bargaining rights and has publicly denounced legislative efforts to strike at union membership and fees.

Snyder wants all government employees to pay 20 percent of their health care premiums. But he's not ramming the change at unions, and went out of his way Thursday to highlight his desire to work with them.

"As a practical matter, we're asking for $180 million in concessions, and we know we need to go bargain for that," Snyder told reporters Thursday after delivering his 2011-12 budget proposal. "We want to do that thoughtfully in partnership with our employees. We're not here to create threats."

___

Associated Press writers Julie Carr Smyth in Columbus, Ohio, and Kathy Burks Hoffman in Lansing, Mich., contributed to this report. Lieb reported from Jefferson City, Mo., and Hananel reported from Washington, D.C.


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Sunday, February 13, 2011

Republicans unveil budget proposal with $100 billion in cuts (Daily Caller)

After weeks of internal debate within the party, House Republicans revealed their proposal for a government funding bill that met demands from party conservatives for no less than $100 billion in cuts to the federal budget.

The intentionally-timed continuing resolution (CR) proposal precedes President Obama’s own budget request, which the White House will release next week.

“The CR contains over $100 billion in cuts compared to the President’s request – fully meeting the spending reduction goal outlined in the Republican ‘Pledge to America’ while providing common sense exceptions for our troops and veterans. These cuts go far and wide, and will affect every community in the nation,” said Appropriations Committee Chair Hal Rogers.

When compared to Obamas budget proposals for fiscal year 2011, the GOP bill includes $18 billion in cuts to the nation’s security budget and $81 billion to discretionary spending levels.

“These were hard decisions,” Rogers said.

Finding the cuts, however, will probably be the easiest part of the process.

Assuming members of the conservative Republican Study Committee do not protest over the fact that the proposal counted $19 billion in security cuts to reach the $100 billion goal, the bill will likely coast through the Republican-majority House. In the Democrat-majority Senate, however, the bill is virtually guaranteed to be gutted and sent back with fewer spending cuts.

Senate Democrats said Friday night that they would not pass a CR with $100 billion in cuts to the president.

“Republicans have taken a meat ax to the initiatives that invest in our economy and create jobs for the sake of appeasing their base,” Senate Majority Leader Harry Reid said shortly after Republicans released the bill. “It’s time for them to stop bowing to the extremists in their party and start working with Democrats to find common-sense solutions to cut government spending and create jobs instead of rolling back the investments that are moving this country forward.”

With funding allocation for the federal government set to expire on March 4, the next three weeks will be a race to finding some sort of agreement between the parties.

To find out what Republicans want to cut, see the complete list of program cuts and a summary of the bill.

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