60 Minutes
“60 Minutes” probes congressional insider trading
Report describes how federal elected officials could be using non-public information to legally make fortunes VIDEO
(Credit: CBS News) Questioning the integrity of congressional officials is something like a national pastime lately. Even still, reports that federal elected officials could be leveraging their positions to directly benefit themselves financially, and doing so legally, could come as a shock. But that’s exactly what a “60 Minutes” report, which aired last evening, suggests.
The newsmagazine recently sent Steve Kroft down to Capitol Hill, where he investigated a phenomenon that looks curiously like insider trading — yet appears to be within the bounds of the law — in which members of Congress receive non-public information one day, and then make financial investments related to that knowledge the next. Conservative think-tanker Pete Schweizer, who has researched the subject at length, called the practice “honest graft.”
“This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family,” Schweizer told “60 Minutes” at the top of the report.
Among the elected officials put under the microscope were John Boehner, Nancy Pelosi and former Speaker Dennis Hastert, each of whom scored financial windfalls under questionable circumstances. In one particularly alarming instance, Congressman Spencer Bachus — the ranking Republican on the House Financial Services Committee in 2008 (now it’s chairman) — bet against the market at the same time as he was receiving “apocalyptic briefings”on the state of the financial sector.
Check out the full report below:
Jack Abramoff plays the earnest reformer
In his new book and in a "60 Minutes" interview, the felon and former super-lobbyist poses as a changed man
Jack Abramoff (Credit: Reuters) Jack Abramoff is back! He’s selling a book, naturally. (The movie was already made, limiting his cashing-in opportunities.) To celebrate, “60 Minutes” had him on to look sort of contrite while nostalgically reminiscing over his time as Washington’s top incredibly corrupt super-lobbyist.
Abramoff pleaded guilty to defrauding his lobbying clients through over-billing and double-dealing. He admitted to bribery and wire fraud. In his interview, Abramoff explained basically How He Did It, and it turns out that it’s really not that hard to “bribe” a member of Congress. Offer their staffers jobs and give the members lots of gifts and campaign donations. Then you can write whatever you want into pending legislation, more or less.
Continue Reading Close
Alex Pareene writes about politics for Salon and is the author of "The Rude Guide to Mitt." Email him at apareene@salon.com and follow him on Twitter @pareene More Alex Pareene.
In praise of the late Andy Rooney
Sure, he was grumpy and easy to parody; he was also a great American writer
(Andy Rooney, wit, crank, and TV star, died on Saturday.This appreciation of Rooney, written after his retirement, appeared in Salon on September 28, 2011)
When I hear people running down “60 Minutes” contributor Andy Rooney, who announced his retirement yesterday,I get as grouchy as Rooney did during his weekly pieces.
Continue Reading CloseFormer ’60 Minutes’ Commentator Andy Rooney Dies
The famously outspoken writer and television personality was 92
"60 Minutes" commentator Andy Rooney in New York in 2005. (Credit: AP/Bebeto Matthews) NEW YORK (AP) — Andy Rooney so dreaded the day he had to end his signature “60 Minutes” commentaries about life’s large and small absurdities that he kept going until he was 92 years old.
Even then, he said he wasn’t retiring. Writers never retire. But his life after the end of “A Few Minutes With Andy Rooney” was short: He died Friday night, according to CBS, only a month after delivering his 1,097th and final televised commentary.
Rooney had gone to the hospital for an undisclosed surgery, but major complications developed and he never recovered.
Continue Reading CloseShould we feel sorry for Ruth Madoff?
She's standing by the man behind the biggest Ponzi scheme ever. But maybe it's worth listening to her story
Ruth Madoff couldn’t have more ironic timing. With the Occupy movement swelling to global proportions and wealth inequity making revolutionaries out of the fed-up bottom 99 percent , the wife of the man whose name has become synonymous with “greedy dirtbag” has been awkwardly making the rounds — and attracting harsh criticism along the way. Shilling for journalist Laurie Sandell’s new biography of her family, Madoff and son Andrew made an emotional, hotly anticipated appearance on Sunday’s “60 Minutes.” But will a disgusted American public feel pity for a family whose lavish lifestyle was paid for by devastating duplicity?
Continue Reading Close
Mary Elizabeth Williams is a staff writer for Salon and the author of "Gimme Shelter: My Three Years Searching for the American Dream." Follow her on Twitter: @embeedub. More Mary Elizabeth Williams.