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How do Congressmen get rich?
Posted on 9/27/19 at 8:07 am
Posted on 9/27/19 at 8:07 am
I have never understood how this works. Some go in moderately wealthy...they draw a decent salary...but then they walk out millionaires. Where does the money come from? Is it lobbyists? Anybody know how that works??
15
Posted on 9/27/19 at 8:08 am to rumproast
Buy crappy land cheap and then pass zoning/tax laws to make it advantageous to develop that land and then they lease or sell that land. Or take kickback from developers to do the above or do the above and get your son on the Board of Directer of the development company at an over-inflated salary and he buys the "summer home" the entire family shares .
The possibility are endless and the good slimy ones (Hello Louisiana Politicians) can pull it off with invisibility.
PS - Lets not forget insider trading while we are at it.
The possibility are endless and the good slimy ones (Hello Louisiana Politicians) can pull it off with invisibility.
PS - Lets not forget insider trading while we are at it.
This post was edited on 9/27/19 at 8:12 am
Posted on 9/27/19 at 8:09 am to rumproast
Draw a decent salary in one of the most expensive cities in the country, all while maintaining their original home and family back in the district.
Posted on 9/27/19 at 8:09 am to Crow Pie
One way is insider stock trading, which is legal for them.
Of course there are many others.
Of course there are many others.
Posted on 9/27/19 at 8:09 am to rumproast
quote:yes
Is it lobbyists?
Posted on 9/27/19 at 8:09 am to rumproast
Corrupt dealings.
Posted on 9/27/19 at 8:10 am to rumproast
Ask Harry Reid. He's an expert on these kind of things.
Posted on 9/27/19 at 8:11 am to rumproast
Their puppet masters line their pockets.
Posted on 9/27/19 at 8:11 am to rumproast
Usually, unmarked envelopes filled with cash. On a serious note, most will receive "speaking fees" worth thousands of dollars. I think that is the easiest way to purchase politicians and it seem legitimate.
Posted on 9/27/19 at 8:11 am to BuckyCheese
quote:
one way is insider stock trading
This is correct.
Posted on 9/27/19 at 8:12 am to rumproast
Family member sets up foundation or becomes lobbyists. Also, insider trading is legal and they get family members cut into sweet financial deals, ie book, movie, speaking fee. Look at it like a smoking hot female going into a bar on a Friday night, does she have to buy drinks ? Trump admin dropped the ball on the PR front going after getting some Congressional reforms passed nobody wants to do anything cause everybody needs $
This post was edited on 9/27/19 at 8:19 am
Posted on 9/27/19 at 8:12 am to rumproast
Perhaps we should ask them directly, and have an IRS agent in the room too??
Let's start with Obama though not just congressmen. How does one go in with maybe a couple million in a retirement plan, and govt pay, to buying a 15mil dollar home 8-10yrs later. And is it a 2nd home?
Let's start with Obama though not just congressmen. How does one go in with maybe a couple million in a retirement plan, and govt pay, to buying a 15mil dollar home 8-10yrs later. And is it a 2nd home?
Posted on 9/27/19 at 8:17 am to rumproast
Most of them sit on boards of corporations and draw a nice salary and collect stock options as payment. Their only duty is to pass legislation that benefits the company and maybe attend a board meeting here and there a couple of times a year.
Posted on 9/27/19 at 8:18 am to rumproast
Hey, I am Ed from Tennessee Trailer, Inc. We have 250 trailer parks across the State and looking to expand into Alabama. Looks like there is a federal bill that would outlaw such a thing coming up Friday. Interesting, huh.
Congressman: Yea, very. I haven't decided what to vote on it yet.
Ed: Oh, I am sure you will figure it out soon.
*Congressman sips her latte*
Ed: Oh, by the way, we are thinking about hosting a $10,000 per plate dinner for about 150 people and making the final decision next week. Would you be interested in talking about a fundraising dinner sometime next week?
Congressman: Sounds good, my people will call yours on Monday. I am sure you will have a great weekend.
Congressman: Yea, very. I haven't decided what to vote on it yet.
Ed: Oh, I am sure you will figure it out soon.
*Congressman sips her latte*
Ed: Oh, by the way, we are thinking about hosting a $10,000 per plate dinner for about 150 people and making the final decision next week. Would you be interested in talking about a fundraising dinner sometime next week?
Congressman: Sounds good, my people will call yours on Monday. I am sure you will have a great weekend.
Posted on 9/27/19 at 8:20 am to KANDUUU
I think there are so many "legal" ways for them to get rich that it would blow their mind if someone actually looked at it in depth...the most obvious being the my spouse is the CEO of this foundation/nonprofit route-
Posted on 9/27/19 at 8:25 am to rumproast
That was the one question no one asked during the Hastert investigation. How did a high school wrestling coach turned politician have $3.5 million in CASH to pay off some guy he fondled in the past? The fact there were IRS implications is irrelevant. All we heard was about was the act and the cover up payments. It was like no one even cared about the money.
Posted on 9/27/19 at 8:30 am to rumproast
Book deals discussing the things they didn't do.
Posted on 9/27/19 at 8:30 am to rumproast
The philosophical answer is that we allow it. Either through apathy or ignorance.
The mechanism piece is trickier. But there’s so much money in the system, that they just need a tiny piece or a small favor to become immensely wealthy.
Hastert (the rape guy) had some “fortunate” land deals. So did Tod Akin (the rape rape guy). A son of our governor Carnahan became a United States representative. At one point he bought a house from a donor that was financed by the donor and then sold the house a couple years later at a greatly inflated profit to another donor. It was never clear that the representative ever put up any money of his own.
The opportunities are endless, if you lack scruples and are creative.
The mechanism piece is trickier. But there’s so much money in the system, that they just need a tiny piece or a small favor to become immensely wealthy.
Hastert (the rape guy) had some “fortunate” land deals. So did Tod Akin (the rape rape guy). A son of our governor Carnahan became a United States representative. At one point he bought a house from a donor that was financed by the donor and then sold the house a couple years later at a greatly inflated profit to another donor. It was never clear that the representative ever put up any money of his own.
The opportunities are endless, if you lack scruples and are creative.
Posted on 9/27/19 at 8:31 am to AUjim
quote:
I think there are so many "legal" ways for them to get rich that it would blow their mind if someone actually looked at it in depth...the most obvious being the my spouse is the CEO of this foundation/nonprofit route-
Cummings comes to mind on that.
Far from the only one. Hell, they even showed that angle on House of Cards.
Posted on 9/27/19 at 8:31 am to rumproast
There are several ways. Some legal and some not so legal. The best legal way is to write a political book. Then your supporters can legally buy as many copies of your book, thus lining your pocket. Another is to stay in Washington after losing or giving up your seat and become a lobbyist. Corporations and special interest groups love former Congressmen as lobbyists. Former Senators Trent Lott and John Breaux founded a lobbying firm after they retired from office, then later sold/merged the firm with another lobbying firm. They still work as lobbyists for the new firm. As for illegal means: Google fmr La CongressmanWilliam Jefferson and his freezer full of cash.
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