WASHINGTON -- Aware that most Americans would like to dump them all, members of Congress hope to regain some sense of trust by subjecting themselves to tougher penalties for insider trading and requiring they disclose stock transactions within 30 days.
A procedural vote Monday would allow the Senate later this week to pass a bill prohibiting members of Congress from using nonpublic information for their own personal benefit or "tipping" others to inside information that they could trade on.
Of course, I suspected as much.. but seriously...have they been involved in this all along?
Was Jack Abramoff telling the truth?
Shouldn't someone else be building this hen house.. and not the guilty foxes themselves????
I mean shouldn't they be swapping Armani suits for prison strips about now?
Thanks for that... and I'm not embarrassed to say 'this is news to me'..
..and as much as I can not stand Sean Hannity, the piece is incredibly informative. I'm sure the author was doing the rounds on all the networks.
Now we know how Gingrich and the rest (Pelosi) made their millions.
I don't know where to start... I've been watching the incredible series called Boardwalk Empire starring Steve Buscemi about corrupt 1920s Prohibition. After seeing this clip on Congressional Insider trader...I'm speechless. Not a thing has changed, these people are disgusting and I get the uncomfortable feeling.. there's more (aka, it gets worse). But it ip holds my core beliefs about human greed and it's infinite reach.
We the viewing public are going to do nothing as we did nothing when found out how many Congressmen were bouncing checks with impunity. Here they are now involved in the worse possible form of corruption and no one (within Congress) said a word..they just 'feeding at the trough' fattening their bank accounts. After, the 2000 Election, the US lost it's right to look down on 3rd world kangaroo court/legal systems. THIS IMHO, the US as really lost it's standing to call Mexico or any other nation corrupt. I just can't help but think how many Latin American friends I've discussed 'corruption' in their nation - had knowledge of this information while I was blathering away. And I must admit. had they told me this..I would have called them a liar.
ALTF4 From United States of America, joined Jul 2010, 988 posts, RR: 3 Reply 3, posted (3 months 3 weeks 3 days 19 hours ago) and read 433 times:
A lot of them have hired people to manage their investments. The congressperson does not have direct access or influence on their investments, exactly for the reason to stay above the filth of insider trading --- even though it is legal for them to participate in.
A few notable names stand out for not doing that. I'll let you do the searching.
The above post is my opinion. Don't like it? Don't read it.
BN747 From United States of America, joined Mar 2002, 5007 posts, RR: 55 Reply 5, posted (3 months 3 weeks 3 days 14 hours ago) and read 392 times:
Quoting ALTF4 (Reply 3): A lot of them have hired people to manage their investments.
Doesn't make it any less unfair, contradictory or unethical.
Quoting ALTF4 (Reply 3): The congressperson does not have direct access or influence on their investments,
That's very naive thinking. As soon as they are privy to any insider info and open their mouths to anyone 'not having such info'...that's when they have influence, direct influence. In other words, the cat is out of the bag.
Quoting ALTF4 (Reply 3): investments. The congressperson does not have direct access or influence on their investments, exactly for the reason to stay above the filth of insider trading --- even though it is legal for them to participate in.
They are above nothing, they've merely created a situation whereas they make do as they wish with impunity and anyone outside their ranks would go to jail.
What I'm truly amazed at..is the appalling silence on this usually very political board. This very activity is a sterling example of how greed works in powerful situations, not so much as who's making how much and how, but the temerity to establish a 'it's okay for us, but not for you' - in your face model.
A license to print money is the most serious thing in our society besides killing someone. The Gov't here allows hotel/casino thugs to do with you what they will...if you're suspiciously winning too much playing poker (not because you're winning the game - but... because you're gaining wealth quite rapidly.
Steal from a bank, the punishment much more harsh vs stealing sneakers or handbags.
And here the guys are throwing rivals, non and former political associates in jail, for doing they exact same things - they are. Power and influence at it's worse.
DeltaMD90 From United States of America, joined Apr 2008, 2697 posts, RR: 25 Reply 6, posted (3 months 3 weeks 3 days 14 hours ago) and read 388 times:
Quoting BN747 (Reply 5): What I'm truly amazed at..is the appalling silence on this usually very political board.
I don't understand the whole issue honestly, I was gonna comment earlier. The blind-trust / disclosing all transactions within 30 days rule sounds good to me, but I'm willing to hear counter arguments. Usually finances are a private matter, but it's not asking too much to see where a United States Congressmember invests his/her funds. I'm sure some privacy can be retained with some public transparency set as well. Then again, I don't really know what I'm talking about so I could be well off the mark on this. But I gave this thread a shot!
ALTF4 From United States of America, joined Jul 2010, 988 posts, RR: 3 Reply 7, posted (3 months 3 weeks 3 days 13 hours ago) and read 379 times:
Quoting BN747 (Reply 5): That's very naive thinking. As soon as they are privy to any insider info and open their mouths to anyone 'not having such info'...that's when they have influence, direct influence. In other words, the cat is out of the bag.
Don't get me wrong, I wasn't defending them. However, at least it is something they are doing instead of just saying screw it and managing everything themselves and then under no certain terms letting knowledge influence their trading. I'm sure there are plenty of them who still participate even though its offloaded from them - but something is better than nothing, even if the something is still very wrong.
The above post is my opinion. Don't like it? Don't read it.
BN747 From United States of America, joined Mar 2002, 5007 posts, RR: 55 Reply 8, posted (3 months 3 weeks 3 days 12 hours ago) and read 363 times:
Quoting DeltaMD90 (Reply 6): Quoting BN747 (Reply 5):
What I'm truly amazed at..is the appalling silence on this usually very political board.
I don't understand the whole issue honestly, I was gonna comment earlier. The blind-trust / disclosing all transactions within 30 days rule sounds good to me, but I'm willing to hear counter arguments. Usually finances are a private matter, but it's not asking too much to see where a United States Congressmember invests his/her funds. I'm sure some privacy can be retained with some public transparency set as well. Then again, I don't really know what I'm talking about so I could be well off the mark on this. But I gave this thread a shot!
Ok, by your own admission, you're not getting this.
insider Trading means having privileged information about to hit the open market place -
beneficial example positive trade - you know drug that cures arthritis is about to be announced, so you tell your family & friends to (or just you) buy 1000 shares of little know company MedTek.net (hope it's not real) at .99 a share .. on the announcement the next day MedTek rockets to 499.00 a share your $1000 investment is now worth $499,000 bucks.
Tons of people have gone to jail for this while tons more tied to the right congressional hookups have gone unscath just read up on the legendary Jack Abramoff.
Congressional personal financial dealings are none of our business - EXCEPT when they are heavily involved in a practice that everyone else goes to jail for doing the exact same thing. I get the feeling this is one of the major thorns in the butts of the OWS leadership.
DeltaMD90 From United States of America, joined Apr 2008, 2697 posts, RR: 25 Reply 9, posted (3 months 3 weeks 3 days 11 hours ago) and read 349 times:
Quoting BN747 (Reply 8): Ok, by your own admission, you're not getting this.
insider Trading means having privileged information about to hit the open market place -
I know this. I just worded it poorly
Although I wasn't considering Congressmembers telling others, I was strictly talking about their transactions. Simply telling a friend that stocks may go up is a lot harder to track than seeing what a Congressmember does with his/her own money...
I think what a congessman or woman does with their money is their business ...not mine.
However..if they can profit from somethng considered illegal ...like selling weed or trade secrets
While everyone else risk imprisonment ...that's blatantly wrong!
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