Feeding Well from the Public Political Trough

With the recent revelations concerning President Biden’s shell companies and the wealth that he has amassed through the activities of his son, it is certainly interesting to note that politicians or former politicians mysteriously becoming very wealthy is nothing new…it has been going on for centuries. These recent revelations and a little investigation show that Biden is not the only one who has made a recent career as a ‘public servant’ the path to millions and that this sort of corruption among our elected officials has reached new heights. Consider these examples:

• • 1872 President Ulysses Grant’s administration was tainted by his then Vice President Schuyler Colfax scheming to allow railroad owner cronies to overcharge the government for their contracts.¹
  • In 1916 Franklin Roosevelt who was Assistant Secretary of the Navy used his position to see that his mistress, Lucy Mercer, was assigned to ‘work’ for him in his office. Roosevelt who would later become President in 1932, continued to ‘see’ Mercer and shower her with gifts throughout his Presidency and after. In 1943-44 he used his authority to get treatment for Mercer’s elderly husband in Walter Reed Army Medical Center.²
  • In 1921-22, Secretary of the Interior, Albert Fall, an appointee of Republican President Warren Harding went to prison for his part in the “Teapot Dome” scandal. Fall was convicted of receiving bribes totaling about $300,000 to assign oil leases in Wyoming and California to cronies owning the Mammoth Oil Company and the Pan American Petroleum Company.
  • Republican President Ronald Reagan was reportedly receiving $1 million per speech after he left office.³
  • Democrat President Bill Clinton and wife Hillary …though Hillary claimed that they were ‘broke’ and in debt owing millions when Bill left office in 2001, by 2013 he had reportedly earned $106 million⁴ and in 2023 is reported to be worth $130 million.⁵
  • Current Democrat Senator Chuck Schumer the son of a small businessman who has been a politician since his college graduation in 1974 earning less than $100,000 for many years is now reported to be worth “around $75 million” in 2023 mostly due to his ‘business interests.’⁶

President Biden and the examples above are just a few of the many former and current politicians who have been able to turn their time in politics “into millions through book deals, paid appearances and consulting gigs.”⁷ In other words, politicians can easily monetize their positions and connections into millions both during and after their ‘public service’ and seem to be selling their ‘services’ for increasingly large amounts.

Is it legal for politicians to do this? Probably. Though in many cases there are various ethical questions that can be raised, these practices seem to be totally legal.

How often does this still happen and is this practice in the best interests of the country? These questions are hard to answer for certain. But consider former Vice-President Biden’s claim in 2018 that in 2015 he coerced Ukraine into firing the prosecutor investigating corruption around Burisma, the company that was paying Hunter Biden $1 million a year. It would seem that this kind of foreign policy cannot be in the US’s best interests and that a Vice-President using his position to influence the conduct of a foreign government and company to financially favor members of his own family is a prime example of just how politicians can enrich themselves while ‘serving’ the public.⁸

It appears that government ethics regulations and enforcement are much less than effective. In the Standards of Ethical Conduct for Employees of the Executive Branch Subpart G—Misuse of Position, “Use of public office for private gain”, section (a) “Inducement or coercion of benefits”, the regulation states:

• • An employee shall not use or permit the use of his Government position or title or any authority associated with his public office in a manner that is intended to coerce or induce another person, including a subordinate, to provide any benefit, financial or otherwise, to himself or to friends, relatives, or persons with whom the employee is affiliated in a nongovernmental capacity.⁹

This seems particularly clear. But it obviously has not led to ethical conduct on the part of our prominent politicians. Could it be that ethics enforcement is lacking? That’s how it appears to us…

Read the regulations for yourself, here is the link: https://www.ecfr.gov/

1. Waugh, J. (2023). ULYSSES S. GRANT: DOMESTIC AFFAIRS. University of Virginia Miller Center. Retrieved from https://millercenter.org/president/grant/domestic-affairs
2. The Consummate Gentleman: Winthrop Rutherfurd and Some of His Leading Ladies. (2020). Staatsburgh State Historic Site. Retrieved from http://staatsburghstatehistoricsite.blogspot.com/2020/03/the-consummate-gentleman-winthrop.html
3. Slavin, S. (1989). Reagan praises Japan in $1 million speech. UPI.com. Retrieved from https://www.upi.com/Archives/1989/10/25/Reagan-praises-Japan-in-1-million-speech/4534625291200/
4. Merica, D. (2014). Hillary Clinton in 2001: We were ‘dead broke’. CNN.com. Retrieved from https://www.cnn.com/2014/06/09/politics/clinton-speeches/index.html
5. Bennett, S. (2023). Bill Clinton Net Worth 2023. CAKnowledge.com. Retrieved from https://caknowledge.com/bill-clinton-net-worth/
6. Bennett, S. (2023). Chuck Schumer Net Worth 2023. CAKnowledge.com. Retrieved from https://caknowledge.com/chuck-schumer-net-worth/
7. Olya, G. (2023). How Obama, Biden and Other Elected Officials Have Made Millions by Being in Office. Gobankingrates.com. Retrieved from https://www.gobankingrates.com/net-worth/politicians/elected-officials-made-millions-from-office/
8. Nelson, S. (2023). Ukraine prosecutor whose ouster Biden pushed was ‘threat,’ says Devon Archer. Nypost.com. Retrieved from https://nypost.com/2023/08/04/viktor-shokin-was-threat-to-burisma-says-hunter-biden-partner-devon-archer/
9. Code of Federal Regulations. (2023). Title 5:: Administrative Personnel. Retrieved from https://www.ecfr.gov/

FAQ: Unveiling Political Wealth

1. Are politicians becoming wealthy through their public service roles a recent phenomenon?

Historically, politicians have amassed significant wealth through various means, dating back centuries. Recent revelations concerning President Biden’s financial activities shed light on this age-old trend.

2. Can you provide examples of politicians who have gained wealth through their public service roles?

Certainly. Examples include Ulysses Grant’s administration, where Vice President Schuyler Colfax facilitated overcharging the government by railroad owner cronies. Additionally, figures like Franklin Roosevelt, Ronald Reagan, and the Clintons have all been associated with substantial financial gains during or after their political careers.

3. Is it legal for politicians to profit from their public service roles?

While many of these practices may be legal, ethical questions often arise. Despite regulations prohibiting the misuse of public office for private gain, enforcement and accountability remain contentious issues.

4. How does this phenomenon impact governance and public trust?

The intersection of political power and personal wealth raises concerns about conflicts of interest, transparency, and the equitable distribution of resources. Such revelations can erode public trust in government institutions and underscore the need for robust ethical standards and accountability measures.

5. What are the broader implications of politicians monetizing their positions?

Beyond individual instances, this trend highlights systemic issues within the political landscape, including the influence of money in politics, regulatory loopholes, and the role of special interests. Addressing these challenges requires comprehensive reform efforts and a commitment to upholding integrity in governance.