The SEC Mulls An Investigation Calls Grow For John Boehner To Resign

It is an ethics violation for elected officials to use their political office to perform official acts on behalf of special interests, and particularly when special interests are campaign donors. There is also a serious problem when a sitting congressional representative performs official acts for personal financial profit by promoting a project the representative has a financial stake in. The problem becomes egregious when the elected official lies about a project to profit himself and campaign donors and our current Speaker of the House has taken those issues a step farther. On Thursday, the Securities and Exchange Commission (SEC) received a complaint from an environmental group with accusations that the proposed Keystone XL pipeline’s owners (TransCanada) are in violation of SEC Rule 10b(5) – Employment of Manipulative and Deceptive Practices to bolster stock prices.

The complaint sent to the SEC said TransCanada is using “false or misleading statements about the proposed Keystone XL pipeline” and that they “consistently used public statements and information it knows are false in a concerted effort to secure permitting approval of Keystone XL from the U.S. government.” The complaint continues that the fallacious information misleads investors, U.S. and Canadian officials, the media, and the public “in order to bolster its balance sheets and share price,” and who is the point-man pushing the Keystone XL pipeline with lies and misinformation? Speaker of the House John Boehner.

The complaint specifically highlights that TransCanada asserts that the pipeline will create American jobs “at a rate that is 67 times higher than job creation totals given by the company to Canadian officials for the Canadian portion of the pipeline.” The inflated job creation numbers were designed to pressure President Obama to issue an approval permit to build the pipeline and without its construction, TransCanada’s future earnings and share prices will be significantly impacted. Speaker Boehner owns shares in seven different Canadian tar sand companies and it is highly likely that he knows the job numbers are inflated as an investor and stands to profit if the pipeline is built. Boehner went so far as threatening to tie 160 million working Americans’ payroll tax cut extension to approval of the pipeline. Boehner’s extortion threats were the last straw, and inspired a national petition to force him to resign or face expulsion from Congress for ethics violations. However, ethics violations are the least of Boehner’s problems once the SEC finishes their investigation which they confirmed is actively under consideration.

To be fair to TransCanada, they accurately provided Canadian regulators with realistic job numbers as well as the potential for environmental disaster which is, by the way, a near certainty according to TransCanada. Tar sands crude extraction is responsible for elevated cancer rates and involves razing ancient boreal forests, and there are 82% greater GHG emissions as compared to average crude refined in the United States. TransCanada also predicted that one of their existing pipelines would produce one spill every seven years, but it has produced 12 spills in less than one year. Even with one spill, over 1,000 rivers will be adversely impacted as well as the Ogallala Aquifer that supplies drinking water to 2 million Americans and is the primary source of groundwater for 20% of America’s agriculture production. John Boehner never cites those issues and neither did Mitch Daniels (R), Indiana governor, who stated categorically in the Republican response to President Obama’s State of the Union address that the Keystone XL project was “a perfectly safe pipeline that would employ tens of thousands.” Mr. Daniels’ financial disclosure form is under investigation to determine how much stock he owns in Canadian tar sand companies or TransCanada and if he owns shares in any of the companies, he will face a national petition drive to force him from politics forever.

As an investor, Speaker Boehner was privy to the authentic job creation numbers TransCanada reported to investors and Canadian regulators. It is despicable that Boehner deliberately lies to the American people for personal financial gain, but it is illegal to lie to influence investors and potential investors to drive up share price. Boehner, the American Petroleum Institute, and many Republicans in Congress have launched an aggressive set of attacks on the President to force him into granting a Presidential Permit, and the overriding point is that like TransCanada, they are using false job creation claims to exert pressure and convince Americans that the Keystone XL pipeline will be a boon to the economy, unemployed construction workers, and create lower gas prices, all of which are lies and they know they it.

It would be unethical for any person to use fallacious numbers for personal financial gain, but it is beyond the pale that the Speaker of the House knowingly lies to the American people and the media to boost Canadian tar sand companies’ profits and TransCanada’s balance sheets and share price. Boehner’s almost daily Keystone XL propaganda is not only unfair to President Obama and the American people, it misleads potential and current investors. Manipulating share prices is a violation of SEC regulations and if their investigation finds Boehner and other GOP shareholders deliberately inflated job numbers, a House Ethics panel will be the least of Boehner’s problems.

Speaker of the House John Boehner has some options. He can address the American people and admit that he deliberately lied for personal financial gain and to enrich the oil industry that stands to gain selling Canadian oil to Europe if the Keystone XL pipeline is built, or he can save his family the embarrassment and resign immediately. Mr. Boehner can rest assured of two things; if he does not admit to lying and resign immediately, the petition calling for his expulsion or resignation remains active, and this column will be unrelenting in demanding that, for once in his career, he serves all the American people and vanishes from politics as if he never existed. Now that the Securities and Exchange Commission is alerted to TransCanada and Boehner’s lying, it would be incumbent on him to make the right decision before they make it for him.

 

Special thanks to Sarah Jones for her valuable assistance.

 

 

 

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50 Replies to “The SEC Mulls An Investigation Calls Grow For John Boehner To Resign”

  1. what John Boehner has done is absolutely inexcusable. tying the pipeline to Americans income is absolutely wrong and unethical for a Congressman. And then to lie about it the way that he did, exaggerating greatly the number of jobs to be created and then to continue that lie once everyone knew it was a lie is unconscionable.

    I want him out of the Congress. Originally I wanted him to step down, but now I want him out of the Congress. This is little different than Tom delay who is also a despicable piece of garbage.

    And if there is any way to tie Eric Cantor to this because he also had lots to say on the subject I hope it can be done.

    Beyond lying about the pipeline, there is further facts in this case. This pipeline would’ve taken oil away from the Midwest. Canadian oil now goes to the Midwest, is refined and used in the Midwest and as such keep prices lower. This pipeline would take that oil, plus oil taken from the ground within the United States, send it to Texas to be refined and then most likely shipped overseas which will raise prices on Midwest oil. This is an attack on the American people themselves. This is a Congressman who is bought and owned no differently than the slaves were once bought and owned in this country.

    Right now American oil is being exported. We have Republicans demanding that we drill everywhere for oil. Knowing that we export American oil what does that mean when they say they want us to drill everywhere? It is a clear effort by our congressmen and politicians to bolster the profits of oil companies that are already making vast profits. At our expense. We are manipulated

  2. This could bring down Behner and Obama and Buffett also bold Nebraska… This was all over railroad against big oil,,,,,,,,

  3. Why is Darrel Issa not all over this? Oh. Wait. It’s one of his own. Nope – he’s fixated on “proving” that Obama violated the Constitution with his mid-term appointment even though the House and Senate WERE gaveled out when it happened. Yup. Issa’s the man, OK. If he cannot find smoke, he will make some all the while ignoring the raging forest fire in his own backyard. I know I rest more easily seeing the great job he is doing defending “ethics” in government…

  4. Wow. Just wow. The hypocrisy of the Republicans in office (and those attempting to get there, but that’s a topic for another day)…continues to amaze me.
    However, I must say that a very small part of me has little hope that this will truly result in anything. Meaning it will be swept under the rug or John Boehner and Mitch McConnell will get away with it and somehow it will all end up being President Obama’s fault. Sorry, that was a run-on sentence.
    It will be painted as a liberal, “lamestream” media game in an election year. I fervently hope not and I’m headed to sign the petition next. Will print this out and make sure my husband has all the right talking points to rebut the ridiculousness spewed forth from the numbskulls he works with.

  5. And lest we forget, Boehner is also third in line to become President. May he rot in a Federal prison for life. Yes, I know, but I can dream can’t I?

  6. I never submitted a comment here, because I signed right away and then dragged my hungry ass to the grocery store, but as Katz commented, this corrupt and vicious individual is two heartbeats from the Presidency. That is a point I drove home in my comment to the Petition, and one we should all emphasize. This man has sold out both his constituents and Americans generally, and now he is holding the citizenry’s well-being hostage for the sake of his own gain. He deserves to go not to the House, but to the Big House.

  7. Boehner had a chance to be a positive historic Speaker with Obama’s offer for “the Grand Bargain” last summer. Instead, because he was controlled by the Tea Party and his pledge to Grover Norquist, the debt ceiling debacle went down as one of the worst embarrassment’s in US history. I really hope they can nail him on this. He’s really been a thorn in the side of President Obama and this country’s progress. And what people think of the House must be a record low as well. Get rid of him and Cantor!

    Great Post!

  8. the republicans are broke, ethically and spiritually.
    And they are promoting Newt Gingrich for POTUS.
    Just so they can stay in power. Instead of saying what they think and know about gingrich, they will sit back and let him rise.

  9. Thanks to politicus for staying on this. The article of just a day or two before had us clamoring for a way to get a petition going. Thanks to signOn for getting it out there. I signed it yesterday. I read everything I can on Keystone Xl, from the beginning, as I’m sure many of you have. We all find this project appalling, unjustified and sold beyond belief by big oil and the repugs. We know the Koch’s have a financial interest here, albeit not directly. but they are ‘intervenors’ in the talks on the transCanada re-do of the plan. This whole thing may cost TransCanada a ton more more money for a new project plan. They have been thinking that it is not worth it. Hope so.
    That said, Boehner needs to go as well as Daniels and all others who support this should have to resubmit financial statements showing any interest in this project. All should be ousted.

  10. Come to think of it, three of the last four repugs to be speaker of the House have had problems with ethics violations. Gingrich, DeLay and now Boner. Denny Hastert was too fat to do much of anything but eat. that’s called a pattern, I’d say.

  11. For anyone who has done any homework at all on this, it has always been common knowledge that the job numbers continually cited to the American people are grossly inflated.
    I am NOT anti-oil or even anti-pipeline, I’m no overzealous green-nut, but I am appalled at the lies and deceptions. People need the correct info to make an informed decision and they are not getting that.

  12. Mr. Boehner escaped an ethics violation investigation many years ago, brought by his own party. He was passing out bribes of cash from big tobacco, on the floor of OUR HOUSE, just before a vote on subsidies for tobacco companies.
    His own party turned him in. But, of course, he escaped with just a warning. His response was, I’ll just make sure I don’t get caught next time. And to his word, he never passed out cash in OUR HOUSE again, he just did it somewhere else.
    Mr. Speaker must go, this time.

  13. Because Berkshire Hathaway bought Burlington Northern Santa Fe in 2009 and the right says they bought it just so they can transport the tar sands from Canada — and that was the reason why the president nixed the Keystone Pipeline. They are currently transporting 25 percent of the oil from the North Dakota oil fields. I argue that Berkshire Hathaway has its fingers in multiple pies and this is just one of them. But still I’d like a better explanation of it.

  14. Before we pull the trigger on this, I think a good hard look needs to be taken at who else in Congress bought stock in these companies. Did other Republicans? More importantly, did any Democrats? The most offensive part of Boner’s purchase is BP. He bought this stock in 2010. Anybody remember what BP did in 2010?

  15. The issue is not who owns stock in these companies, but who owns stocks and is promoting, with lies and misinformation, the pipeline or any other project. The assumption is faulty that just because a representative or senator owns stock or accepts special interest money, they are automatically corrupt. It is the ones who own stock, accept special interest money and deliberately falsify data for personal or political gain; regardless which party.

  16. Apparently, you can be ousted from the position of Speaker of the House for ethics violations and STILL run for President–not that that stopped me from signing the petition!

  17. ” LATER DUDE ”

    ” LATER DUDE ”

    Mr. Boehner can rest assured of two things; if he does not admit to lying and resign immediately, the petition calling for his expulsion or resignation remains active, and this column will be unrelenting in demanding that, for once in his career, he serves all the American people and vanishes from politics as if he never existed. Now that the Securities and Exchange Commission is alerted to TransCanada and Boehner’s lying, it would be incumbent on him to make the right decision before they make it for him. ;-D…

  18. welcome to the wonderful world of American politics. “They” want us ignorant. They don;t want us to be able to make an informed deceision. Our ignorance and confusion is their strenght.

  19. Issa needs to go. He only applies Ethics investigations when it involves Dems.
    He also has a few skeletons in his closet.

  20. this would blow the lid off the election. i love how justice, the DNC, and axlerod, are triangulating all forces to get the prez a REAL majority in both houses. no freakin filibustering nonsense. oh to dream… and yes there might be some side flack with buffett, but this story is about dirty oil coming in from canada, needing more refining to make it into gas, and then selling it off to china…. the no 1 export right now is gasoline. and boner is a major insider to profit off that sludge from canada…..

    i also see justice this week is making noise to go after some banksters… we’ll see, if we see some perp walks, in NYC…. hmmmmmm…

  21. This was probably why when President Obama wanted a bill banning any Congressman who has stock in a company to actively be involved legislation involving said company, the no insider trading bill for members of Congress, the Orange Boner was the least happy about it, and was squirming more than anyone

  22. The right lies..but Burlington could not carry that magnitude of crude..if they were running end to end 24/7!

    This is BS and a diversion from the Corporations and republican legislatures and talking heads! The TransCanada funded report has been discredited and they are already saying they will re -submit!

    The Cornell article nailed the coffin shut on the over estimates ..

    Then we have this little piece of mud in their eyes!:

    http://thinkprogress.org/romm/2012/01/18/406314/oil-and-gas-jobs-increase-by-75000-under-obama-69000-more-than-would-be-created-by-keystone-xl/?mobile=nc

  23. OH MY GOSH!!!! You mean there is a politician in office who is using that office for his own personal gain?????!!!!! REALLY????? And he told LIES?????!!!!!!! SHOCKING!!!! A politican that lies!!!! OH MY!!!!! Wake up, people. They ALL lie. They ALL line their pockets with special interest money. They ALL achieve personal gain from their positiions in office. If he has committed wrong, Boehner should be punished—but he isn’t doing anything outrageous. This is business as usual in Washington. ANYONE who thinks Joe or Jane Smith has ANY political say or power beyond local government is an idiot. By the time anyone makes it to the national level they are bought and paid for and will spend their tenure serving the individuals/corporations/interests that funded their campaigns.

  24. Rep Ed Whitfield R ky owns stock in Exxon $150k to $250K chevron $150k to $250K they both will profit from the Keystone XL pipeline,

  25. Did he buy the stock when news of the pipeline came out or did he own it for a much longer time?

    the big difference is Boehner jumped in when he got wind of the pipeline from Canadian sources

  26. It seems you have to be really crooked to be Speaker of the House. Another Newt. I would have thought this type of thing ended with the Rockafellers but it goes on even in the twenty-first century.

  27. Jane or Joe Smith has their say so in politics when they cast their vote for know corrupt politicians such as newt gingrich….it obviously deos not matter to republicans whether a political candidate is honest or not…just that he is republican…thats why I refer to republican as being unamerican…that ain’t the way patriotic americans do it..

  28. In retrospect,one can see why the republican party in washington has been opposing everything the President has been trying to accomplish since coming to office. John Boehner and his constituants should all be totally ashamed of themselves trying to act as thjough they are the true americans they try to assume. If this is true of Keystone XL, all involved in the illegal and unethical dealings should not only resign from their political office but be sent to jail for their actions. That is what I would expect if I were a part of this scheme.

  29. You want moderation, Down with the whole Damned gang. Apparently their Greed has caught up with them just like Berny Madoff and they should all be meeting him in Hell as soon as they can get their. The sooner the better. So much for moderation.

  30. Because IssaLiar is only interested in destroying the dems not the GOP. We protect the GP{. Mortgage crises under bush..no problem. Lying memos to start wars and let AMERICANS DIE SO YOU CAN HAVE YOUR WAR. No problem at all.

  31. Sounds like another lame attack from the left for the very same behavior they revel in i.e. Nancy Pelosi??? Pitiful.

  32. The President had control of the House and Senate for two years what was the excuse for his non-accomplishment then? oh wait he did shove a health care tax boon-doggle down our throats….thanks

  33. Nancy Pelosi?????

    ah yes, the change the subject man is here.

    Is it a lame attack to be the speaker of the house, to own stock in seven companies that will be impacted by the Keystone pipeline, while you receive money from them you lie about the number of jobs it creates? You throw aside the environmental concerns just to fatten your own wallet? Is that a lame attack? You can whine about Nancy Pelosi all you want, the subject here is Speaker Boehner lying to you and the rest of America For his own financial gain as a congressman of America. and that to you is a lame attack?

    is that really the best you can do?

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