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Bernard Madoff's Personal Fortune, Clean Coal Technology and Wasteful Federal Spending

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Bernard Madoff's Personal Fortune, Clean Coal Technology and Wasteful Federal Spending

Alleged investment fraudster Bernard Madoff is ordered to disclose all of his financial assets to government investigators.

Environmental groups launch a series of TV ads attacking “clean coal” technology.

Lobbyists in Washington line up to get a share of President-Elect Obama’s planned economic stimulus bill.

More headlines: listen to the LibertyWeek podcast.

1. BUSINESS 

Alleged investment fraudster Bernard Madoff is ordered to disclose all of his financial assets to government investigators.

CEI Expert Available to Comment: Center for Entrepreneurship Director John Berlau on Madoff’s past relationship with federal regulators

“Madoff’s businesses were actually subject to a variety of financial regulations, something Madoff would actually use as a selling point to investors. Last year in a speech, Madoff said, “In today’s regulatory environment, it’s virtually impossible to violate rules.” He registered as an investment adviser in 2006, and had been under the SEC’s extensive regulatory framework for securities broker-dealers since he founded his firm almost 50 years ago. And far from being a shadowy figure, Madoff was a pillar of the financial establishment. He showered campaign contributions on politicians, mostly Democrats. He was also quite chummy with many of the financial regulators charged with overseeing him.” 

 

2. ENVIRONMENT

Environmental groups launch a series of TV ads attacking “clean coal” technology.

CEI Expert Available to Comment: Senior Fellow Iain Murray on how to be honest about America’s energy future: 

“[A new study from MIT] suggests that carbon pricing will boost clean coal and have virtually no effect on renewables. Oops. The alternative (which is likely if clean coal continues to be technologically frustrating) is that nuclear power becomes the dominant energy source, another thing environmentalists hate. Which all suggests that if environmentalists want carbon-free, nuclear-free power for America, they should stop hiding behind carbon pricing mechanisms and come out for mandates. Then we can have a proper debate about America’s future energy needs and costs.” 

 

3. ECONOMY

Lobbyists in Washington line up to get a share of President-Elect Obama’s planned economic stimulus bill.

CEI Expert Available to Comment: Editorial Director Ivan Osorio on why we should always expect a degree of waste in federal appropriations: 

“…reforming the federal infrastructure spending process can only lessen wasteful spending so much, since as long as government is involved, politics will remain a part of the process.” 

 

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