Posted on 01/25/2017 2:49:19 PM PST by markomalley
A U.S. senator who took advantage of a loophole in ethics laws to avoid disclosing a $1.3 million credit line against her home is now warning that incomplete financial disclosures from cabinet nominees put the country at risk.
Sen. Elizabeth Warren’s (D., Mass.) warning came in the Washington Post, where she wrote that “it is critical that each nominee follows basic ethics rules to ensure that they will act for the benefit of all the American people.”
Warren argued that financial disclosures are needed to “reveal potentially damaging information that may undermine fitness to serve” and that nominees with “complex financial histories” need to be “forthcoming and transparent.”
Warren, meanwhile, continues to skirt congressional ethics laws by failing to include a $1.3 million line of credit against her Cambridge, Massachusetts, home on financial disclosure forms.
The line of credit was extended to Warren and her husband Bruce Mann in 2007 through financial giant Bank of America. It was first noted by the Boston Herald after Warren failed to included the line of credit as a liability on her 2014 financial disclosure filing. It was also absent from her 2015 filing.
An aide for Warren, who is worth millions, defended the omission, stating at the time that a home equity line of credit like the one that Warren received from Bank of America doesn’t have the same reporting requirements as a typical home mortgage, which would have to be reported.
The STOCK Act, which was signed into law in 2012, mandated that all members of Congress disclose details of any mortgages on their personal residences in their annual filings.
The legislation, however, does not mention home equity lines of credit, which banks offer as alternatives to a mortgage.
The Warren aide said that the senator had yet to borrow on the line of credit, which allowed her to leave it off disclosure forms.
The exact terms of Warren’s deal with Bank of America such as her interest rate remain a mystery due to the lack of disclosure.
Warren’s office did not return a request for comment on her decision to take out a line of credit.
Warren has previously advised against the financial decision to borrow against your home. In her 2005 book All Your Worth: The Ultimate Lifetime Money Plan, she wrote that “it is not smart” and “it is not savvy.”
“Whether you are borrowing to pay down your credit card debt, play the stock market, or travel to Tahiti, borrowing against your home is still borrowing–period. It is not saving, it is not smart, it is not savvy,” she wrote. “A second mortgage or a home equity line of credit is plain old Steal-from-Tomorrow debt.”
Did Sen. Lizzy skirt the rules?
My goodness....
She didn’t get named Lie-awatha for nothing!
Fauxahontas speak with forked tongue.
Rules for thee but not for me. Typical lefty liberal politician.
Tepee-flipper!
LOL!
It’s OK — Fauxcahontas is a PROGRESSIVE!
the time lizzy borden- errrrr I mean Lizzy Warren LIED about being a native American in order to defraud the government out of money
Lizzy loves to skirt the rules. She thinks that because her mom or grandma once mentioned having Cherokee ancestry, that that is sufficient to apply for a special status as a protected minority and to get a position in a prestigious university under affirmative action rules.
What has always cracked me up about Warrens claim to Feather Indian ancestry was that her family published an interfamily cookbook listing their family recipes for their family reunions which were called POW WOWs.
In the 50’s and 60’s (actually all during that century) Feather Indians held a significant role in everyday culture and every lousy backyard barbeque was called a pow-wow.
Family Christmas gathering were often called the family Potlatch. The kids played in Teepees and watched cowboy and Indian shows.
And what would she call a $20T national debt, which she apparently doesn't believe is big enough?
One more thing - disclosure. I am an avid genealogist One of my grandfather’s cousins married a man with an Irish name, and their family moved from Minnesota to Madison Wisconsin. A few years ago I decided to look further for them as I had lost the trail of the family.
On Ancestry.com I re-entered my data and now I was able to gather lots of info including tracking them from Grand Rapids, Minnesota to Madison, Wisconsin. This gave me more info including a middle initial on the husband, and the names of four of their children. After adding that info into my search, I clicked on the search button and Voila!!!! Up came Indian census records for the family. It turned out my cousin’s husband was 1/8 Chippewa/Ojibway Indian.
So, it is possible to have Indian blood and not know it, and - or lose the trail. OTOH, it is also a common thing for people to think they have Indian ancestry and it is totally imaginary. It can be deliberate or be innocently passed down as a myth.
In Feaucahontas’s case, it appears to be a case of deliberate use of a rule to take advantage of a law to obtain prestigious employment.
Squaw speak with forked tongue.
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