'Throw Them All Out'
Author Peter Schweizer exposes D.C. corruption in new book
- Duration 8:11
- Date Nov 28, 2011
Author Peter Schweizer exposes D.C. corruption in new book
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It is the book that everyone -- still talking about.
And it recently sat down with author Peter Schweitzer to point fingers and naming names of DC's dirty -- lawmakers.
Who have been abusing their political power to make money using underhanded yet completely legal means that the book is called.
Throw them all out how politicians and their friends get rich.
Off insider stock tips land deals and cronyism.
That would send the rest of us to present.
Right what we spoke last week.
-- you give us all the details.
About it's legal for insider trading by IPO opportunities.
-- -- a system when deals exist.
He spent a lot of time.
Is that the public is now conscious of the bond dealers that buy access to the President Obama and then they get.
Millions and and billions -- dollars in taxpayer money how bad is that side of this.
Investigation of your it's it's huge because the numbers are startling the stimulus bill gave Obama and the administration opportunity to pass out.
All kinds of money in the form of guaranteed loans and grants.
And what happened after the 2008 victory is.
They -- in the shop at the Department of Energy to fundraisers.
That -- campaign fund raisers who were raising money from wealthy individuals.
They put them in senior positions -- the department energy to run these programs and guess what.
The people that donated to the Obama campaign ended up getting a lot of these loan guarantees and a lot of -- -- -- described.
Is important -- Schuessel injury -- is one example 535 million taxpayer dollars like.
-- down the drain right right loan guarantee.
Right and even adjusted the loan -- the taxpayers would be paid less of meaning we totally get not I guess not all right but we discovered last week.
Is that Solyndra.
The Department of Energy sent an email sent by the way please don't fire people like practical after the 2010 election that's how corrupt this thing -- gotten.
It's terrible and you know the thing that if people haven't realizes that even -- -- -- has gone bankrupt.
Investors have made a huge amount of money by doing this and we just give you one example that I have in the book.
There's a company called am iris biotechnologies.
I had a billionaire -- the Silicon Valley named John to war and his business partner Al war.
Put the former vice president -- sixteen million dollars into this company couple years ago.
Then a little bit later senator Dianne Feinstein and her husband put a million dollars of equity into this company.
A couple of weeks after she made her equity investment the Department of Energy announced they were giving you 25 million dollar grants.
To amorous by technology tax free not alone this is a -- grant yeah -- -- right million taxpayer dollars -- and tax free.
A couple of months after that they issue a stock IPO because of the halo effect as they call it of this federal grants.
But John -- -- score sixteen million dollars immediately becomes worth 89 million dollars.
-- we don't quite know how the feinstein's.
Did because they haven't cash out or anything.
But this is -- more cash -- there there's yes they have sold some of those shares I don't know exactly how the border Dole's money back -- and made it and some and that is not maybe thirty million more dollars yeah I mean a huge amount of money and this is the pattern all of these companies look to get taxpayer money.
Have an IPO ending cash out in fact this was the -- -- -- dropped the problem was is that the bankruptcy came too soon yeah and well some power yeah you gotta.
But that the one thing does and first of all they all have the insider information yes yes they all know that the monies coming or the likelihood is gonna get there it's probably sneak in their investment.
It's almost like a guarantee he.
You know get a -- it's like you -- -- a horse race that's exactly right it's a guaranteed -- and the numbers are staggering I mean they've doled out about twenty billion dollars in this program you can directly tie Obama financiers to about seventeen billion of that amount under at least ten members of his national campaign finance committee from 2008.
And at least a dozen bond dealers that have gotten sweetheart so like if I made you know thirty million dollars I wouldn't mind set up the super packed with two million give it to Obama hope I get four more years -- the gravy train yeah we we actually did calculation we looked at how much money they donated.
These individuals and how much they got in return and what we found is the return on investment.
Is more than 101000 dollars to want so if you gave one dollar to a bombing you're getting back our money taxpayer money 101000 dollars and it's a great investment trust him.
But how does this happen when -- anybody in Wall Street used any information or past and onto a family member or friend and and they could -- that they got that information.
They need to handcuff him -- perp walk on guy did make a big deal in the newspapers and they go off to jail how does Al Gore.
Himself the -- are.
-- you know -- -- to mr.
doom and gloom that flies around in his private gulfstream five which by the way I don't know VCR video of -- culture -- You know how does he get away with this and never get called on and people think he's credible when he's making millions off this scam.
Well it's remarkable because the way that the -- laws are set up in the way the SEC decides look at this.
As long as it's involves government money and not private money your corporate money it's okay to engage in this and the fact is is that people are becoming rich or richer.
Through this arm in the case of John door and Al Gore.
-- about 27 companies Green tech companies that they are invested in sixteen of them got government money now.
In this program less than 10% of the people that applied got money but in the case of connected people like -- door and Al Gore that was over 50% and that is not a coincidence Al -- basically if I can say this -- -- What's the right -- -- that's the only.
I think I think you it's it's what they call me and Wall Street pump and dump.
You know we're gonna get the stock pumped up and then we're going to dominate our profits because it's really not a valuable -- by technology don't talk about it's still losing money and that federal -- created forty jobs Sean -- call -- our input but they always -- -- -- traced the selling point yes -- there -- or something yes -- yes -- -- the ones we've been able to track they do so in other words they know early in the money they get the halo effect -- They have the connections to get the money -- and then land after the price goes through the roof.
It's an opportunity to sell opportunity itself I sell and make a fortune and one -- the next that's right and and some of the numbers are huge I mean there are solar companies there's investment fund that has four partners saw one of which is -- Robert Kennedy junior.
They got one point -- Robert Kennedy junior get they got one point four billion dollars and what's shocking about this is and I have this in the book and you can look it up.
If you look at bright source the company they're the largest investor by -- -- that company.
When they were looking to file for IPO with the SEC.
They -- look -- to disclose the risks and they said this is an incredibly risky investment and we may not even be in business and a couple of years but.
The federal government gave them one point four billion dollars in loan guarantees to make this how much like Kennedy make on it.
We don't know we don't know because they need the equity in the way that it's arrangement they're the largest investor and this was a little basically say we have one of the most corrupt.
Morally bankrupt governments.
In the world you are describing a situation where -- Cronyism.
You know at the expense of the taxpayer -- is running rampant.
To the to -- we're losing billions of dollars at a time when Americans are losing their homes they don't have jobs and -- am -- right yeah you're exactly right it's really about opportunity I mean because presidents before the stimulus package and before.
Programs like Green energy president certainly had money is sort of tossed around but nothing like this I mean this is billions of dollars.
And there's really no supervision.
You'd -- think that these Green energy price for any of these guys broken any have -- broken any laws that you see that there might be investigative work they could expose us your book is obviously the investigative blueprint.
You can this be used to find yes.
And I -- that's what'll happen.
I'll -- this is the first step towards that and I hope that.
You know I'm not an attorney of course but I hope attorneys look at this.
They look at how these loan packages and grants were put together and I helping investigate I know that there are going to be investigations on Capitol Hill and hopefully we can get to the bottom of that's his right to be done the country great favor it's a great book frightening and very aggravating but done what you -- hard work thank you thank you Sean.