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POLITICS: Kerry blocks law, Subsequently gets funding from Law Breaker

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posted on Feb, 5 2004 @ 12:28 PM
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In the state of Massachusetts there is a highway and tunnel project that is two-decades old. The project known as the “Big Dig” is not any normal project, this project has multimillion-dollar overruns. In 1999, the Transportation Department discovered that the main contractor for the Big Dig, AIG, had been overpaid 129.8 million dollars. The bad part is that AIG was allowed to keep the money and invest it in the stock market. Half of the money made by the investment was put back into the “Big Dig” and the other half was kept by AIG as profit.
 


Senator John McCain submitted legislation in 2000 to strip $150 million dollars in funding from the “Big Dig” and ban the financing practice of allowing an insurer to invest and profit from excessive premiums paid by the government.


``Any refunds of insurance premiums or reserve amounts, including interest, that exceed a project's liabilities shall be immediately returned to the federal government,'' McCain's legislation declared.


At this point Senator John Kerry of Massachusetts stepped in and persuaded John McCain to drop his legislation in favor of a committee hearing. At the hearing a representative from AIG testified that the “Big Dig” was an overall good project.


``From the perspective of public and worker safety and cost control, AIG's insurance program has been a success,'' AIG executive Richard Thomas testified.


Even though during the hearing the Transportation Department called for the financing practice used by AIG to be outlawed the practice was not killed.


``The policy is needed to ensure that projects do not attempt to draw down federal funds for investment purposes under the guise that they are needed to pay insurance claims. It is that simple,'' the inspector general told senators.


Senator Kerry claims that he was outraged by the practice that AIG used but did not want to strip the project of its money because it would hurt his constituents.

Well Senator Kerry did not feel to bad about it because he accepted a trip to Vermont in September 2001, $9,700 from AIG for his Senate campaign in December 2001, $10,000 dollars donated to a new tax-exempt group Kerry formed, and two more $10,000 dollar donation to the same group. Also Kerry has received money from other companies associated with the “Big Dig”. Modern Continental Group and Jay Cashman Construction have both donated $25,000 dollars apiece.

The blocking of the legislation and subsequent donations seem to be suspicious and linked but according to Kerry they are not.


Asked why Kerry would subsequently accept a trip and money from AIG in 2001 and 2002 if he was angered by the investment scheme, Cutter replied: ``Any contributions AIG made to the senator's campaign came years after the investigation. Throughout his career, John Kerry has stood up to special interests on behalf of average Americans. This case is no different.''


Source


[Edited on 5-2-2004 by Nerdling]

[Edited on 5-2-2004 by Nerdling]

[Edited on 5-2-2004 by Nerdling]




posted on Feb, 5 2004 @ 12:31 PM
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Gee is that all they paid?

Wow you can get big favours on the cheap in Boston.

Guess his price will go up if he becomes prez.





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