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| Topic: Congress has an insider trading problem | |
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It sure must be nice to feel so special that you do not have to follow laws like the rest of us. NEW YORK (TheStreet) — Though CBS’ “60 Minutes” report about Congress’ immunity to insider trading rules was news to many people, but professionals on Wall Street and Main Street say that it isn’t. In Congress, Sen. Scott Brown (R., Mass.) introduced a bill that would prohibit insider trading by its members and employees as he said to serve the public was an honor, not an opportunity for personal gain. November 13, 2011 7:06 PM Congress: Trading stock on inside information? Peter Schweizer of the Hoover Institution says the most valuable intelligence is often traded behind closed doors. (CBS News) Washington, D.C. is a town that runs on inside information – but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it’s time for the law to change. Few of them are doing it for the salary and all of them will say they are doing it to serve the public. But there are other benefits: Power, prestige, and the opportunity to become a Washington insider with access to information and connections that no one else has, in an environment of privilege where rules that govern the rest of the country, don’t always apply to them. Questioning Pelosi: Steve Kroft heads to D.C. When Nancy Pelosi, John Boehner, and other lawmakers wouldn’t answer Steve Kroft’s questions, he headed to Washington to get some answers about their stock trades. Most former congressmen and senators manage to leave Washington – if they ever leave Washington – with more money in their pockets than they had when they arrived, and as you are about to see, the biggest challenge is often avoiding temptation. read the rest of this at CBS.com Stop Congress’s Insider Trading! Sometimes a story breaks that leads to jaw dropping even among the normally jaded. This past week, a new book by Peter Schweizer and a memoir by Jack Abramoff both shed light on the degree to which members of Congress profited from trading stocks that were directly affected by pending government policy. The insider trading ran the gamut of Republicans and Democrats and in all cases involved knowledge of pending contracts or legislation that would benefit or penalize specific industries. The amounts gained ranged from a few thousand dollars to hundreds of thousands. As the old cliché goes, the scandal here is what is legal. The SEC and federal prosecutors have in recent years cracked down on Wall Street insider trading with a vengeance. The multi-year prosecution of hedge-fund manager Raj Rajaratnam is only the most high-profile example. Yet insider-trading laws do not apply to what many members of Congress have done. Because their privileged information does not come from company insiders and because congressional representatives are not employees of any public company. As many as a dozen members of Congress and their aides took part in insider trading based on foreknowledge of market moving information on Capitol Hill, disgraced Washington lobbyist Jack Abramoff told CNBC in an interview. The former lobbyist said the amounts members of Congress earned trading off their inside knowledge ranged from as little as $2,000 to, as much as “several hundred thousand dollars,” that was claimed by one member of Congress. Abramoff declined to name the members of Congress. Full article can be read at CNBC.com Check THIS out: The Get-Rich Congress Every member of the House and Senate can trade stocks and make land deals while considering major bills. When Visa went public in March 2008, then-Speaker of the House Pelosi and her husband bought some of their shares at the opening IPO price—access that would be virtually impossible for the average individual investor. |
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can't see why they are exempt from the Rules!
And if they were even a bit ethical,they wouldn't even think of abusing the trust put in them! Might not be illegal,but pretty damn sleazy! |
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I can only speak for myself, but I don't put my trust in them.
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Does martha Stewart know about this?
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Does martha Stewart know about this?
 
Good one L! She has the vehicle to go public with protest on this! Email her yet? 
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Does martha Stewart know about this?
Good one L! She has the vehicle to go public with protest on this! Email her yet?
She should sue someone.  
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Congressmen are bribed, threatened and manipulated by the moneychangers to do as they are told.
They are touched by the dark side. |
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