I'm gonna keep this short and sweet. i have a question about congress and their insider trading hopefully someone can give me a good answer. why did congress have to create new rules to keep them from insider trading? is congress exempt from our current insider trading laws and if not why aren't they being punished for their actions that surely allowed them to profit from information only they had?
Comments
The current laws make it illegal to conduct trades based on insider info of the company's. It is not illegal for a Senator to make a trade based on his inside info of legislation, or funding, or other congressional action.
Ain't it sweet? This is bad, but the guys betting on the short side while they stiff the economy don't even have to know anything about legislation or squat. They just fire the torpedos.
The new bill, like most lately, had to be watered down to pass both chambers ... wall st can still send spies to DC to find out about new legislation, and report back to the bosses for purpose of using the insider information. Now, how much of that ill gotten gain will find its way back to the information source in one form or another ? The money will somehow still end up with the source, through 'contributons' or some other form ... maybe book sales ? speaking fees ?
My Congressman is on the Banking/Finance Committee. Legislation regarding banks has to be steered through his committee. Surprise surprise. All of his investments are in banking and finance (as revealed by the Denver Post)..
It isn't likely he'll do anything to adversely effect their bottom line even for the good of the nation.. If would effect his own. bottom line.
The best way to tackle corruption if you are in Congress is to embrace it! We wonder how Congress critters become millionaires. LOL.
Retired Monk - "Ideology is a disease"
The congressional attitude is "me first." Their work schedule, benefit plan, health care, compensation and travel benefits are first class. When we get a day off for a holiday, they get the entire week. Much better than you and I can ever hope to have. And they force us to pay for their obscene gluttony. And if that isn't enough, they allow themselves the opportunity for insider trading. We would go to jail for the same thing. When congress mentions "shared sacrifice" that is meant for us, the suckers. Not them. They give up nothing. Not everyone is rich when they enter congress. But they are all rich when they leave.
Government greed at its worst.
Well, this Boner House is among the worst. Not only are they lazy, not only do they major in minors and avoid or block anything that could help, these Righties are in the revolving door between Congress and lobbying. What you say applies very well to them, but not nearly as well to the Progressive Caucus and a lot of Democrats like DeFazio who work hard to get the small things they can get because of the bums on the Right. I don't think Peter will be a wealthy man when he retires. He deserves to have enough to be very comfortable for the crap he has had to wade through for us.
Haven't you heard? Greed is good. The Republican standard bearer Reagan said so. Corrupt Congress Critters are simply being good Americans...doing what Americans have been encouraged to do for the past 30 years......feeding their greed.....and to hell with the nation and everyone else.
The natonal disease will be our undoing.The financial meltdown was just another symptom of it. Grandma being forced to switch to dog food as her main course and a milk bone for desert will probably be another..
Retired Monk - "Ideology is a disease".
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thanks for the answers. im right there with u poly. i gotta say it is amazing how all corruption issues do come back to the disease of greed. the only reason i say disease is because its an addiction and i believe an addiction is a disease. these people only represent their own intrests and the intrests of the people that can help them the most and i dont believe they can stop themselves any more than a crack addict. the only difference is there is no stigma, no interventions, no counceling, and no rock bottom when it comes to greed.
With real time disclosure to constituents we do not have to depend on the SEC.
I don't think disclosure is enough. There has to be shame and scandal, not just 'everybody does it.'
The congressional attitude is "me first." Their work schedule, benefit plan, health care, compensation and travel benefits are first class. When we get a day off for a holiday, they get the entire week. Much better than you and I can ever hope to have. And they force us to pay for their obscene gluttony. And if that isn't enough, they allow themselves the opportunity for insider trading. We would go to jail for the same thing. When congress mentions "shared sacrifice" that is meant for us, the suckers. Not them. They give up nothing. Not everyone is rich when they enter congress. But they are all rich when they leave.
Government greed at its worst.
Once again rigel1 you use a specific issue to generally attack government. The pay and benefits that Congress people get are not inconsistent with the dedication required of them to be good public servants. Just because Congress is not in session for five days a week, fifty weeks a year doesn't mean that they are not working hard. That some take advantage of their position for personal gain is a different issue than what benefits they receive and its why we hold elections every two years. Addressing the issue of corruption requires a multi-faceted approach which includes demanding transparency from our representatives, actually holding them to account for bad behavior, confronting the issue of election financing and expecting more from our pathetic media. Its a complex problem and certainly conservatives don't understand the damaging effects that electing people whose sole interest is to provide favors for business has on government. The Republican party is really nothing more than a special interest group that infiltrates and manipulates our public domain so I reject any complaints about the evils of big government from people who keep sending scoundrels to Congress.