Another Democrat Candidate

Recently Tom Steyer announced that he was running for President as a Democrat. The millionaire is running on a ‘5 Rights’ agenda. According to The Washington Times, the ‘5 Rights’ are:  “unencumbered access to voting, clean air and water, education, a living wage and healthcare to be constitutionally protected for every American.”

Tom Steyer portrays himself as an environmentalist who opposes the use of coal for energy, but his history tells another story.

Yesterday Breitbart posted the following:

Despite marketing himself as an “environmental justice” advocate combating “climate change,” billionaire Democrat presidential candidate Tom Steyer oversaw the funding of coal plants in Australia, China, and Indonesia during his tenure as CEO of hedge fund Farallon Capital Management.

Steyer also bought and sold coal stocks during the Obama administration’s “war on coal,” explained Peter Schweizer, president of the Government Accountability Institute and senior contributor at Breitbart News, in episode four of the Drill Down.

There is nothing wrong with funding coal plants, but the hypocrisy is another example of the ‘rules for thee, but not for me’ attitude held by so many in the political class.

The article concludes:

Steyer also circumvented conflict-of-interest regulations prohibiting American advisers from investing in countries they were assisting following the collapse of the Soviet Union and subsequent privatization of Russian industries. Larry Summers, former president of Harvard University and economics adviser to the Obama administration, was tasked with overseeing Russian industries’ presumed shift towards free market operations. Steyer worked with Summers’ wife, possibly gleaning insider information upon which to make investment decisions.

“It’s a classic maneuver of crony capitalism,” said Schweizer of Steyer’s evasion of the aforementioned conflict-of-interest regulations.

Please follow the link to read the entire article. Tom Steyer is not someone we want in the White House.

Are There Any Honest People Left In Washington?

I know that there are some honest people in Washington, but sometimes it just doesn’t seem that way. What is really disturbing to me is that corruption seems to run from top to bottom. We may have to get rid of politicians with questionable ethics, and we may have to get rid of their staffs as well. This does not bode well for America.

Last week The Wall Street Journal posted a story that illustrates the total disregard for ethical behavior now running rampant in Washington. The story has to do with a company named Cadiz, Inc., and their plans to build an underground pipeline along the Arizona & California Railroad’s right-of-way to transport 50,000 acre-feet of water annually to Southern California.

The article reports:

The Department of Interior’s longstanding policy allowed railroads to run power, telephone and fiber optics lines along their rights-of-way without a federal permit, thus expediting environmental review. However, in November 2011, after Cadiz had modified its plan to reduce environmental opposition, Interior at the insistence of California Sen. Dianne Feinstein revised its policy to limit the use of railroad rights-of-way granted in 1875 to “activities that derive from or further a railroad purpose.”

The Cadiz pipeline was the only project subject to the new rules. Cadiz spent several years and $12 million reconfiguring the pipeline to “further a railroad purpose,” proposing the likes of hydro-turbines, power safety systems and automated fire suppression. None of Cadiz’s compromises satisfied regulators.

On Oct. 2, 2015, the Bureau of Land Management (BLM) informed congressional staff—who tipped off Cadiz—of an imminent adverse ruling. A letter circulated by the bureau noted that the pipeline “does not derive from or further a railroad purpose” because the fire suppression system was “an uncommon industry practice,” among other complaints. The kicker was that the ruling could not be appealed because it “is not a final agency decision.” Thus the pipeline would have to undergo a formal environmental review. Ms. Feinstein has attached riders to every Interior appropriations bill since 2008 barring a review.

Within a week of the BLM ruling, Cadiz’s stock plummeted 65%. Yet one Cadiz investor had inside information that could have allowed him to make a killing. Emails obtained through a Freedom of Information Act request by Cadiz reveal that BLM realty specialist Erik Pignata (who oversaw the Cadiz review from the Sacramento bureau) shared non-public information with Cadiz investor Thomas McGannon of Whetstone Capital Advisors. Cadiz provided the emails to us.

Thomas McGannon sold short based on the information that Erik Pignata shared and Mr. McGannon profited greatly. Just for the record, there is a 1990 executive order forbidding government employees from improperly using non-public government information to further a private interest. Let’s hope the government chooses to separate Mr. McGannon from his ill-gotten gains.

Just a note–I love the Freedom of Information Act.