Free Republic

Mark Finelli is hoping to turn a 100-mile journey into thousands of dollars for injured troops. He and three fellow war veterans who served in Iraq and Afghanistan are hiking 100 miles in their combat boots this week to raise money for the Wounded Warrior Project, a national charity that supports injured service members and their families. The hikers, all graduate students at the University of Arizona, set out Monday on their Phoenix-to-Tucson trek. They expect to be back at the UA on Saturday. Finelli is a one-time Marine corporal who served in Iraq from mid-2006 to early 2007. A...

Congressman Eric Massa paid himself and his wife a total of $33,000 from his campaign funds during last year race for the 28th Congressional District.... federal records show Massa took a salary of $15,000 while his wife was paid $18,000 working as the campaign's treasurer. Massa raised $2.1-Million dollars for the 2008 campaign against former Congressman John Randy Kuhl.

Where did the swine flu vaccinations go? They went the way of the “stimulus money” – that is to say, they were sent here, and shipped there. And, of course, they were “administered” and “disbursed” and “distributed” by high ranking officials who work in very important positions in vital departments of our U.S. Government. But nobody in our government – no one, specific individual – can say with certainty how many flu shots there are, or where they are, or where they might be headed. And the same is true for the billions of dollars that were entailed in President...

Help me out here. What’s crazier – the abysmal failure the stimulus has been in Los Angeles County (like everywhere else) or how outrageously wasteful the plan was to begin with? Los Angeles County’s take of stimulus funds is by far the largest in California, which has received $18.5 billion in ARRA funds, intended to create 110,219.36 jobs statewide — a pricey rate of $168,264.08 per job. But Hollywood is a different story entirely. Hollywood — the geographic Hollywood as found on Thomas Guide map page 593 — has received $23,338,327 in grants, loans and contracting. This money has created...

A harbor dredging operation carried out despite concerns from wildlife officials killed at least six loggerhead sea turtles in September - two in Savannah and four in Brunswick. The Army Corps of Engineers dredged the entrances to both the Savannah and Brunswick harbors for a total of 15 days using most of $6.8 million in federal stimulus funds meted out for the project.The corps usually avoids such summertime dredging precisely for the protection of turtles, Measures were taken to reduce the turtle death toll to the federal limit allowed for this particular dredging, a limit the corps successfully petitioned to...

The White House Friday highlighted a new multi-million-dollar technology fund for Muslim nations, following a pledge made by President Barack Obama in his landmark speech to the Islamic world. The White House said the US Overseas Private Investment Corporation (OPIC) had issued a call for proposals for the fund, which will provide financing of between 25 and 150 million dollars for selected projects and funds. The Global Technology and Innovation Fund will "catalyze and facilitate private sector investments" throughout Asia, the Middle East and Africa, the White House said in a statement. Eligible projects would advance economic opportunity and create...

There's a lot of talk out there about ACORN being stripped of their federal funding, and restricted from receiving federal funds in the future. Sadly, this couldn't be further from the truth. Here's what really happened: On October 1, 2009, the President signed a Continuing Resolution (CR) to keep government programs running at their current spending levels for one month. This was necessary because Congress has not yet passed the annual appropriations bills which fund all government programs into the new fiscal year, which began October 1st...

A little over a year ago the collapse of Lehman Brothers sparked heavy redemptions from the dozen or so money market funds that held Lehman debt securities. The hit was particularly hard at The Reserve Fund, a money market fund that had a $785 million position in Lehman commercial paper. Soon The Reserve saw a run on its Primary Fund, spreading to other Reserve funds. Reserve tried to furiously sell its portfolio securities to satisfy redemptions, but this only depressed their values. Despite its best efforts, The Reserve Primary Fund couldn't find enough buyers and on Sept. 16 the unthinkable...

Tim Geithner, the Goldman Sachs Secretary of the Treasury, has gone on record as saying that the government will withdraw its $3 trillion backstop guarantee from the money market fund industry, on schedule, today, September 18th. While I am for any reduction in the government's role in the economy, this decision is pretty interesting. Why would they do it now, when even a cursory examination of the real economy shows that things are shaky and rocking the boat on investor confidence seems a bit of a gamble? I will try to answer that question, but only after stepping back to...

The article in Swedish newspaper Aftonbladet accusing Israeli soldiers of stealing and selling the organs of Palestinians is not a surprise or isolated aberration, but rather the result of a long campaign of anti-Israeli demonization, based on manufactured "evidence" repeated by Palestinian "eyewitnesses". A screen capture showing the... A screen capture showing the article in Aftonbladet, with a picture of a dead Palestinian next to a picture of a New Jersey rabbi. Applying the strategy adopted at the NGO forum of the 2001 UN Durban conference, the well-financed network of radical non-governmental organizations (NGOs) plays a major role in this...

"Maybe what we should have done was not bought it," said Steve Feinberg, co-founder of hedge fund Cerberus Capital Management, in regard to his firm's ill-fated 2007, $7 billion purchase of Chrysler.

(IsraelNN.com) The European Union is providing millions of shekels to organizations that promote the Palestinian Authority's claims in Jerusalem, according to NGO Monitor. In a report released Tuesday, the group detailed EU support for groups ostensibly committed to human rights and coexistence that are also overtly pro-PA on political issues. Among the offenders were Ir Amim and B'Tselem

TALLAHASSEE — As more people in Florida seek concealed weapons permits, Agriculture Commissioner Charles Bronson wants Gov. Charlie Crist to veto a $6-million raid on a fund that pays for the program. Bronson's request presents a timely opportunity for Crist to score political points with gun owners just as he's embarking on a race for the U.S. Senate. In a letter to Crist, Bronson cited "unprecedented growth" in applications for gun permits that has created a "tremendous backlog" of cases to be processed. All applicants are subject to criminal background checks. To balance the $66.5 billion state budget that takes...

The Hartford Financial Services Group (HIG: 14.73, n.a., n.a.%) announced Thursday that it has been given preliminary approval to receive $3.4 billion from TARP’s Capital Purchase Program, while Lincoln National (LNC: 16.27, n.a., n.a.%) announced it is set to receive $2.5 billion. The Wall Street Journal reported on Thursday that Prudential Financial Group (PRU: 39.34, n.a., n.a.%) and Principal Financial Group (PFG: 18.85, n.a., n.a.%) had also been given clearance to receive TARP funds, citing a Treasury spokesman. The Journal said that Allstate (ALL: 25.18, n.a., n.a.%) and Ameriprise Financial (AMP: 25.02, n.a., n.a.%), two other insurance companies, would also...

WASHINGTON - Democrats in the U.S. House of Representatives will seek passage in coming weeks of $94.2 billion in emergency money for the wars in Iraq and Afghanistan and other programs, including $2 billion more to prepare for an influenza pandemic. House Appropriations Committee Chairman David Obey, outlining the legislation for reporters, also said the legislation would include $2.2 billion to fund some C-17 airplanes for the Pentagon. But it will not address future purchases of a refueling tanker airplane sought by the Air Force.

WASHINGTON (AP) - House Democrats are refusing to pay for President Barack Obama's plan to relocate prisoners from the Guantanamo detention facility where enemy combatants are being held. Obama has signed an executive order to close the facility at Guantanamo Bay, Cuba, by early next year. But the Pentagon has yet to come up with a plan on where to put the 240 or so prisoners. Between 50-100 are likely to be sent to the United States. No lawmaker wants the accused terrorists in their backyard. House Democrats unveiled a $94.4 billion war funding bill Monday and it had no...

Among the special election propositions that Californians will consider as part of the 2009-10 budget plan is a measure that puts at odds the needs and interests of two groups responsible for providing much of the preschool education offered in San Joaquin County. Voters in 1998 approved the 50-cent-per-pack tobacco tax that sends millions of dollars to First 5 commissions throughout the state to pay for health and education programs focused on children 5 and younger. Proposition 1D, which will appear on the May 19 ballot, seeks to help fill California's gaping budget hole by sending much of that tobacco-tax...

At least $5 million, and perhaps 10 times that amount, appears to be unaccounted for in funds entrusted to U.S. District Court Judge Manuel L. Real, and the rival Filipino claimants to the account want the controversy-plagued Los Angeles judge to provide full details of what happened with their money. In a protracted legal action brought by victims of late Philippines dictator Ferdinand Marcos, Real had been given control over about $34 million in assets seized from a Swiss bank account and a Panamanian shell company while the Manila government, the Philippines National Bank and individuals abused by Marcos pressed...

PETA is a non-profit organziation and the funds it uses are from donations, however a number of recent news stories indicated the donations may not be going to where they were intended. Like most of you, I thought PETA was mostly about lobbying and protesting for animal rights. I was surprised to know they run animal shelters that they claim are for finding dogs and cats good homes. I was even more suprised to find out that 95% of pets in their care...were killed. So where are all those many millions in donations going, executive salaries? One thing is for...

Apologizing, Northern Trust to Pay Back Bailout FundsBy Tim State in News on February 28, 2009 12:27 PM Northern Trust, after receiving $1.5 million in Troubled Asset Relief Program funds, has apologized for sponsoring the PGA Northern Trust Open golf tournament in Los Angeles last weekend, and has pledged to repay the bailout funds it has received. Northern Trust CEO Frederick Waddell wrote in a letter to U.S. Rep Barney Frank, D-Mass.: We understand this is a time of great anxiety and financial distress, and your question regarding our support of an event such as the Northern Trust Open is...

Most investors sustained serious damage to their wealth last year -- damage that, in many cases, will be difficult to recover from. Certainly Wall Street titans, reckless lenders and irresponsible home buyers all deserve their share of the blame. But one part of the financial world has not received much scrutiny for its role in the evaporation of investor wealth, and that is the mutual fund industry. Sadly, a gullible public has bought into the idea that steady investments in mutual funds, regardless of market conditions, is the way to make their financial dreams come true. This is one of...

Rep. Charles Rangel denies he made inappropriate pitch for fundsBY MICHAEL SAUL DAILY NEWS POLITICAL CORRESPONDENT Sunday, January 4th 2009, 4:00 AM Rep. Charles Rangel vehemently denied any impropriety Saturday following a newspaper report chronicling how he sought a donation for a public service center built in his honor from a firm with business before his committee. "I would never do anything to embarrass my committee, the Congress or my country," Rangel (D-Harlem) told the Daily News. "It's really painful to make the front page of The New York Times with a nothing story because clearly I was supporting expanding...

Clinton for sale By posting this am I saying that Bill Clinton is different from any other powerful politician, in taking money from foreign donors who obviously hope to influence the political process? No, in this Bill Clinton is not singular. But look at this list: $10 million to $25 million from the Kingdom of Saudi Arabia. Between $1 million and $5 million each from Saudi businessman Nasser Al-Rashid, Friends of Saudi Arabia, the Dubai Foundation, and the governments of Kuwait, Qatar, Brunei and Oman. And the New York Post here is worried about money from India keeping Hillary from...

The funds arm of Swiss bank Credit Suisse plans to quit managing U.S. money-market funds and is liquidating three funds that have about $8 billion in assets, according to regulatory filings. The funds being shut are the $6.9 billion Prime Portfolio, the $581 million Government Portfolio and the $574 million Cash Reserve Fund, filings by the funds on Dec. 15 to the Securities and Exchange Commission show. The funds said in the filings the reason for the liquidations was that Credit Suisse Asset Management "intends to cease managing U.S. money market funds in the near future." The funds are expected...

WASHINGTON – The government must toughen its monitoring of the $700 billion financial bailout to ensure that banking institutions limit their top executives' pay and comply with other restrictions, federal auditors said Tuesday in the first comprehensive review of the rescue package. The Treasury Department has no mechanism in place to track how institutions are using $150 billion in taxpayer money that the government injected into the banking system as of last month, the Government Accountability Office concluded in its report to Congress. The auditors acknowledged that the program, created Oct. 3 to help stabilize a rapidly faltering banking system,...

11/26/2008 - SAN ANTONIO (AFNS) -- When her husband deployed to Iraq in January of 2006, Sonja McDonald decided to spend her time waiting for his return home, raising money to help wounded warriors and their families. Mrs. McDonald is married to Capt. Jim McDonald, a nurse at San Antonio Military Medical Center-North, formally known as Brooke Army Medical Center. Mrs. McDonald and her husband are working to help make the war-torn lives of those who are in Irag and Afghanistan and returning from there a little bit better. "He was trying to make a difference for them over there,...

Shariah-compliant banking, sometimes called Islamic banking, is growing in popularity in the Western and Islamic worlds. But critics say American interest in the system at a time of economic crisis is opening the door to increased Islamic influence in the American banking system. Worse yet, some fear the banks may be helping to finance international terrorism. In Shariah-compliant banking, lenders may not charge interest and investors cannot make money from forbidden industries like gambling, alcohol, pork and pornography. Selling debt, devising derivatives and short selling are also prohibited, and investments must be closely tied to actual assets. In the U.S.,...

Thousands of political donations from outside the United States have helped fuel the White House bids of Sens. John McCain and Barack Obama, but both campaigns have lagged in disclosing the sources for much of their overseas campaign cash. Mr. McCain took more than a half-million dollars from donors listing residences outside the U.S. and its territories, according to Federal Election Commission (FEC) records. But his campaign failed to provide disclosures for about a third of those supporters, such as where they work, what they do for a living and in what city they live. While Mr. Obama's campaign reported...

Reports obtained by The Fix detailing spending by the two campaigns as well as the Republican National Committee show that Obama dropped more than $32 million on television in 17 battleground states between Oct. 7 and Oct. 13 -- an increase of $12 million over what he spent between Sept. 30 and Oct. 6. During that same time period, McCain spent approximately $10 million on ads in 14 states (the Arizona senator is not on television in Indiana, Michigan or Montana) while the RNC's independent expenditure effort disbursed $6 million more in eight states. (See Below for State by State...

““SEC. 1338. Housing Trust Fund. “(a) Establishment and purpose.—The Secretary of Housing and Urban Development (in this section referred to as the ‘Secretary’) shall establish and manage a Housing Trust Fund, which shall be funded with amounts allocated by the enterprises under section 1337 and any amounts as are or may be appropriated, transferred, or credited to such Housing Trust Fund under any other provisions of law. The purpose of the Housing Trust Fund under this section is to provide grants to States for use— “(1) to increase and preserve the supply of rental housing for extremely low- and...

FUNDS FLEE MORGAN, GOLDMAN FOR JPMORGAN By ZACHERY KOUWE and KAJA WHITEHOUSE Last updated: 2:36 pm September 19, 2008 Posted: 4:31 am September 19, 2008 The JPMorgan Chase CEO is seeing the coffers of the bank he runs being filled with "billions of dollars a day" coming from hedge funds that have pulled their cash from Morgan Stanley and Goldman Sachs, according to several large hedge-fund managers and other Wall Street sources. The flood of new business has actually caused a bottleneck at the banking giant, as the prime brokerage unit scrambles to quickly conduct due diligence and credit checks...

WASHINGTON, June 30, 2008 – President Bush today signed a $162 billion supplemental bill that principally will fund U.S. military operations abroad. Bush thanked congressional leaders of both parties for agreeing to provide what he described as “vital funds” to men and women in uniform serving in harm’s way. “I appreciate that Republicans and Democrats in Congress agreed to provide these vital funds without tying the hands of our commanders and without an artificial timetable of withdrawal from Iraq,” he said. The bill takes shape as Iraq experiences the lowest levels of violence since March 2004. The legislation also...

The hedge-fund business -- among the most reliable fortune-producing machines in recent years -- is going through a shakeout. ...Managers of hedge funds -- private partnerships that cater to wealthy individuals and institutions and are less regulated than, say, mutual funds -- like to think of themselves as a unique breed, capable of racking up big profits from opportunities that ordinary investors overlook. But in fact their profession is tracing the path of other businesses, whether autos or computers, that enjoyed rapid growth, led by aggressive entrepreneurs, before confronting deep challenges. And just as, say, eBay Inc. and Yahoo Inc....

WASHINGTON, May 31, 2008 – With Congress preparing to return from its Memorial Day recess, President Bush used his weekly radio address this morning to urge lawmakers to pass various pieces of pending legislation. Here’s what the president had to say about two defense-related issues: War funding: “Congress needs to pass a responsible war funding bill that puts the needs of our troops first, without loading it up with unrelated domestic spending. Our troops in Afghanistan are performing with courage and honor, delivering blows to the Taliban and al-Qaida. Our troops in Iraq have driven al-Qaida and other extremists...

For Immediate ReleaseOffice of the Press SecretaryMay 31, 2008 President's Radio Address   President's Radio Address  Audio  En Español THE PRESIDENT: Good morning. Next week Congress will return to Washington after its Memorial Day recess. I hope Members of Congress return rested, because they have a lot of work left on important issues and limited time to get it done. Congress needs to pass a responsible war funding bill that puts the needs of our troops first, without loading it up with unrelated domestic spending. Our troops in Afghanistan are performing with courage and honor, delivering blows to the Taliban and al...

WASHINGTON, May 6, 2008 – U.S. lawmakers have informed Defense Secretary Robert M. Gates that they expect to pass the remaining $108 billion of the fiscal 2008 budget by their Memorial Day recess on May 24, Pentagon spokesman Geoff Morrell said at a Pentagon news conference today. Video Pentagon Press Secretary Geoff Morrell briefs the press on issues ranging from the supplemental budget proposals before Congress to the situation in cyclone-damaged Burma, May 6, 2008. Defense Department photo by Cherie Cullen   (Click photo for screen-resolution image);high-resolution image available. Gates sent a letter to House Speaker Nancy Pelosi yesterday to...

WASHINGTON, May 5, 2008 – Office of Management and Budget officials today urged Congress to act quickly on the White House’s request for $102 billion in supplemental funding to cover military operations in the war on terror through fiscal 2008, which ends Sept. 30. If Congress doesn’t act by the Memorial Day recess on the fiscal 2008 supplemental budget request, the Defense Department may have to begin furloughing civilian employees by the end of June, OMB officials said. The White House sent a $70 billion fiscal 2009 supplemental budget request to Congress on May 2 to carry the war effort...

John McCain is abandoning any hope of catching the Democrats in fundraising.Based on new financial disclosure reports released Sunday, and interviews with his finance team, the Republican Party’s presumptive nominee will instead accept taxpayer money to finance his general election and share other costs with the Republican National Committee. The strategy will allow McCain to stretch his campaign dollars by splitting the cost of television advertising and other campaign activity with the RNC. But the decision also puts the Arizona senator at risk of being badly outspent – even with RNC help – by a Democratic nominee who will be...

** EXCERPT ** ALBANY — Federal prosecutors are investigating whether Gov. Eliot Spitzer used campaign funds in connection with his meetings with prostitutes, including payments for hotels or ground transportation, three people with knowledge of the investigation said. Prosecutors have asked the governor’s lawyers about the travel arrangements for three trips, including his Feb. 13 rendezvous with a prostitute at the Mayflower Hotel in Washington. The United States attorney’s office in Manhattan has also asked about the governor’s use of car services during trips to Washington. The governor’s lawyers have begun consulting with a campaign finance expert who has long...

WASHINGTON – The next time a San Diego sheriff's deputy arrests a man who tries to steal a car, hauls him to a county detention center, starts asking questions and discovers he's in the country illegally, here's what will happen: The tax-supported district attorney's and public defender's offices will handle his case, a tax-supported judge will preside if it goes to trial, he'll spend an average three weeks in the local jail at $100 each day, a state prison could house him for years at $121 a day, and tax-funded probation officers will follow his progress. Only after that will...

...During the past four years, the developing countries have run an aggregate current account surplus of nearly $2.5 trillion. In 2008 alone, the surplus will probably exceed $625 billion. These huge surpluses provided the global financial system with the excess liquidity that funded America's burgeoning current-account deficit and depressed bond yields four years ago. The decline of long-term interest rates encouraged America's residential property boom and spawned the reckless lending for subprime mortgages. This process -- of surplus savings in developing countries influencing financial behavior in industrial countries -- has now made a complete circle with Abu Dhabi, Singapore and...

Few Americans have heard of credit default swaps, arcane financial instruments invented by Wall Street about a decade ago. But if the economy keeps slowing, credit default swaps, like subprime mortgages, may become a household term. Credit default swaps form a large but obscure market that will be put to its first big test as a looming economic downturn strains companies’ finances. Like a homeowner’s policy that insures against a flood or fire, these instruments are intended to cover losses to banks and bondholders when companies fail to pay their debts. The market for these securities is enormous. Since 2000,...

A SENIOR British defence official has warned the armed forces are headed for a "train crash" because the Government is starving them of funds as two separate coronial inquests found shortages of equipment were to blame for the deaths of British soldiers in Iraq and Afghanistan. In a confidential presentation to colleagues at a meeting in the Ministry of Defence to discuss budget cuts, a senior defence equipment capability manager said spending had been so severely pruned that vitally needed equipment was simply unaffordable. He also warned that the Government risked "mortgaging the future" of national defence. The meeting, one...

WASHINGTON, Feb. 6, 2008 – Defense Secretary Robert M. Gates today urged Congress to provide the remaining balance of President Bush’s fiscal 2008 supplemental funding request for the global war on terror, saying the delay in funding is damaging the Defense Department’s operations at home and abroad. “Delay is degrading our ability to operate and sustain the force at home and in theater and is making it difficult to manage this department in a way that is fiscally sound,” Gates said at a hearing of the Senate Armed Services Committee. “The Department of Defense is like the world’s biggest supertanker....

WASHINGTON, Feb. 5, 2008 – It is imperative for Congress to quickly approve $102.5 billion in fiscal 2008 emergency supplemental funding earmarked to finance the global war on terrorism, a senior Defense Department official said here today. “We need that money as soon as possible so there is no disruption to our warfighting efforts and not a disruption to our soldiers’ lives, both in the field and their families at home,” Pentagon Press Secretary Geoff Morrell told reporters during a news conference. “It is imperative that we get that money as soon as possible,” Morrell reiterated. President Bush requested $189.4...

Got a phone call earlier today from the RNC. A nice young lady reminded me Hitlery had raised $100 Million and we needed to defeat her. She asked if I was a strong Republican. "yes!" I answered. Asked if I could give some money for the cause. I told her I would give to a conservative candidate, but if we nominate John McCain, I couldn't donate. She said she hoped I'd still support the nominee, even if I didn't agree with them on every issue....and that is when I lost it. Not totally...I was nice, and I told her I...

January 28, 2008 - - The Granholm administration today announced that nine Michigan elementary and middle schools will receive more than $1.6 million in federal "Safe Routes to School" funding for safety improvements and education programs that will encourage students to travel safely between home and school. "We want to protect the health and safety of our Michigan children," said Governor Jennifer M. Granholm. "This program offers our children encouragement and opportunities to walk or bike to school. These schools are to be commended for the neighborhood and community-building efforts they accomplished in developing action plans and pursuing these grants...

WASHINGTON -- Two years ago, the U.S. Congress pressured the Arab emirate of Dubai to back out of a deal to manage U.S. ports. Today, governments in the Persian Gulf, China and Singapore have snapped up $37 billion of stakes in Wall Street, the bedrock of the U.S. financial system. Lawmakers and the White House are welcoming the cash, and there is hardly a peep from the public. This is no accident. The warm reception reflects millions of dollars in shrewd lobbying by both overseas governments and their Wall Street targets -- aided by Washington veterans from both parties, including...

The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, cut its target for the federal funds rate by three-quarters of a percentage point to 3.5%, the biggest single move it has made on interest rates since a three-quarter percentage point increase in November 1994. The Fed, in a departure from recent tradition of moving rates at regularly scheduled meetings of policy makers, took the action week before its scheduled January 29-30 meeting "in view of a weakening of the economic outlook and increasing downside risks to growth." (Read the Fed's statement.1) It hinted...

Obama gives away 'questionable' fundsJanuary 20, 2008 WASHINGTON—Democratic presidential candidates Barack Obama is giving charity more than $40,000 in past political contributions linked to Chicago real estate developer and fast food magnate Antoin "Tony" Rezko, who is facing federal corruption charges, his campaign said Saturday. The contributions are from seven individuals who contributed to Obama's House and Senate campaigns. None of the money was for his current presidential bid. "Recent public information has called into question contributions to the Obama campaign from a donor and fundraiser," Obama spokesman Bill Burton said in a statement Saturday. "It is the policy and...