Corn has broken stories on presidents, politicians, and other Washington players. He's written for numerous publications and is a talk show regular. His best-selling books include Hubris: The Inside Story of Spin, Scandal, and the Selling of the Iraq War.
As the news broke of the Lehman Brothers meltdown and the rest of the latest financial crisis, John McCain, speaking at a campaign rally in Florida on Monday, angrily declared,
We will never put America in this position again. We will clean up Wall Street. This is a failure.
And in a statement released by his campaign, McCain called for greater "transparency and accountability" on Wall Street.
If McCain wants to hold someone accountable for the failure in transparency and accountability that led to the current calamity, he should turn to his good friend and adviser, Phil Gramm.
As Mother Jonesreported in June, eight years ago, Gramm, then a Republican senator chairing the Senate banking committee, slipped a 262-page bill into a gargantuan, must-pass spending measure. Gramm's legislation, written with the help of financial industry lobbyists, essentially removed newfangled financial products called swaps from any regulation. Credit default swaps are basically insurance policies that cover the losses on investments, and they have been at the heart of the subprime meltdown because they have enabled large financial institutions to turn risky loans into risky securities that could be packaged and sold to other institutions.
Lehman's collapse threatens the financial markets because of swaps. From Bloomberg:
Sarah Palin made her bones as a self-proclaimed Republican reformer in Alaska when she turned on a Republican Party state chairman who had had been accused of wrongdoing. In 2003, that GOP leader, Randy Ruedrich, was one of three members of the Alaska Oil and Gas Conservation Commission; Palin chaired the commission and served as its ethics officer. After the news broke that Ruedrich had hosted a Republican fundraiser with several oil company executives and had sent out an email notice for a different Republican fundraising event, critics demanded he resign.
Leading the anti-Ruedrich pack was Palin. She threatened to quit the commission unless Ruedrich resolved his conflicts. "It was a very simple issue," she said at the time. "It was black and white." And after Ruedrich was forced out, Palin, acting at the behest of state investigators, examined his computer files and found emails and documents showing that Ruedrich had used his state office to conduct partisan work for the Republican Party. The records Palin unearthed became evidence in a state investigation that led to a settlement under which Ruedrich paid a $12,000 fine.
Thanks to this episode, Palin became known as a Republican willing to take on a fellow Republican who had abused his office and misused state resources. But what was not known at the time was that a year earlier, Palin had used official resources for her own partisan purposes. In doing so, Palin, now the governor of Alaska and the Republican vice presidential nominee, might have run afoul of state law and the municipal code of Wasilla.
According to emails obtained by Andrée McLeod, a self-described independent government watchdog in Alaska, and shared with Mother Jones, in 2002, when Palin was in her last year as mayor of Wasilla and running for lieutenant governor in a Republican primary, she used her official city email account for campaign purposes. In a June 11, 2002 email to Randy Ruedrich--sent from her firstname.lastname@example.org account--Palin asked if the state Republican Party would disseminate notices for her fundraisers. "I have a heckuva' lot of notices I would love to be distributed to all the [state party] lists because I'm not networked into all the valuable distribution lists that other candidates may be networked into," she wrote. "Can you do that for me?"
Is Alaska Governor Sarah Palin taking I.T. tips from Dick Cheney and Karl Rove?
As Mother Jonesfirst reported, her office, responding to an open records act request, refused to release about 1100 emails involving Palin and her aides, citing what seems to be an iffy claim of executive privilege. And now another email issue has emerged: Palin's use of a private email account for her official duties.
Emails obtained by Andrée McLeod, the independent government watchdog in Alaska who filed that opens records request, indicate that Palin, who is running along side John McCain to replace Cheney, has used a email@example.com account--rather than an Alaska state email account--for official business. As McLeod, a registered Republican, points out, this raises at least two potential problems. One is security. Is Palin conducting state business outside of secured Alaska state servers? Another is transparency. Can her emails on this private account be properly maintained and archived? Can they be reviewed in response to, say, an open records act request?
To date, nether Palin nor her spokespeople have had anything to say about the withheld emails or her use of a private email address for state business.
John McCain's plan to revive the U.S. nuclear power industry with 45 new reactors may cost $315 billion, with taxpayers bearing much of the financial risk.
...Taxpayers are on the hook only if borrowers default. A 2003 Congressional Budget Office report said the default rate on nuclear construction debts might be as high as 50 percent, in part because of the projects' high costs.
So much for Mr. I-Watch-Out-for-the-Taxpayers. Read the rest here.
At a campaign rally this morning in Fairfax, Virginia, Sarah Palin declared of John McCain, "He doesn't run with the Washington herd."
That's sure not true, given that his campaign is managed (or stage-managed) by the old bulls of the Washington lobbying herd. And within what seemed seconds of Palin making this false statement, the Obama campaign sent me (and other reporters) a list of McCain's top aides who are former DC lobbyists: