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All Posts Tagged With: "Anthony Weiner"

Commentary: Glenn Beck, Goldline and the “Precious Coins and Bullion Disclosure Act”

One of many factors pushing the price of gold upwards is the demand for physical gold from investors who strongly believe that the U.S. dollar and world currencies in general are becoming worthless scraps of paper. Distrust of the President’s social programs and Congress, combined with Trillion dollar deficits, inept oversight, huge government bailouts for mismanaged companies, greedy bankers, Wall Street Ponzi schemes and the Flash Crash make arguments supporting gold ownership an easy sell.

This is particularly true for the conservatives amongst us who see the path being taken since the election of President Obama as moving the country in the wrong direction.

Enter Glenn Beck and NY Congressman Anthony Weiner.

Since the inception of  both his Radio and TV show, Glenn Beck’s popularity along with the sarcastic analysis of the President,Congress and our financial condition has risen significantly. Part of Beck’s overall presentation is his belief in the security and benefits of owning gold.

This past April, Democratic Congressman Anthony Weiner (NY) launched an “investigation” into the sales practices of one of Beck’s sponsors, Goldline International of Santa Monica, California. His “concern” was twofold: First, that Beck and other conservative talk show/TV personalities had formed a “unholy Alliance” with Goldline by unduly influencing their trusting viewers to purchase gold from Goldline and second, that Goldline was ripping its customers off with “bait and switch ” and hard sell tactics, and “peddling overpriced collector coins.”

Basically, Beck was seen as scaring his viewers with doom and gloom analysis and then inappropriately influencing his viewers to buy gold from one of his sponsors, who were paying Beck a handsome sponsorship fee. In short, Weiner accused Beck of being a shill for Goldline, who in turn was running a scam and grossly overcharging customers.

Weiner strenuously insisted that there was no political agenda behind his attacks on Beck and Goldline, and that his primary objective was to expose this situation and to protect both the viewers of Beck’s show and customers of Goldline against the abuses he saw. Weiner also called for congressional hearings on the matter, which are scheduled to begin this week, September 23rd at 10:00am.

In tandem to all of this, Brian Ross at ABC News ran and “expose” about Beck and Goldline (07-19-10) outlining in greater detail the “questionable” practices of Goldline and the connection to Beck and other conservative TV and Radio personalities. The report included interviews with individuals who were “ripped off”, each describing pressure tactics used by the Goldline sales people: directing them away from low margin bullion coins to the high margin foreign gold coins that would not be subject to another Gold confiscation order like the one FDR signed in 1933. This order made it illegal to own certain types and quantities of gold.

Subsequently, Beck has posted up a rather sophomoric website called Weinerfacts.com which basically defends his position by mocking Representative Weiner and marginalizing his claims. The LA County prosecutors office has opened an investigation (See ABC News Report Here) based on about 100 complaints they have received and it was reported that Goldline had retained the services of Prime Policy Group, a Washington lobbying company to assist them in preparing for the upcoming congressional hearings. (more…)