Breaking! House to Hold Hearings on Congressional Insider Trading!

[Jarhead]

they don't have immunity.

they are allowed to exploit a loophole if they are unethical bastards.

I believe I heard they are immune to the laws that govern insider trading.

What loophole are you referring to?

US Congressional Ethics Rules on Insider Trading - Insider Trading by Congress - ProCon.org

Under current insider trading law, it is unclear whether government officials trading securities based on material, nonpublic government information are liable for insider trading. The executive branch has established laws [i.e. Executive Order 12674] with criminal or civil penalties against the use of nonpublic information gained on the job for personal financial gain.
The legislative and federal judiciary branches, however, have codes of conduct (from hereon categorized as "rules,” which are not legally binding) or no rules at all addressing the use of material, nonpublic legislative or judicial information for personal financial gain.

that is the problem with code of conducts which are not legally binding.

they will be exploited.

Interesting.
Thanks.

 

[Vaard]

yes, i am sure it will be "considered" then quietly shuffled to a committee where it will dies a slow lingering death........

anyone that expects congress.. regardless of party... to limit the amount of money they can rake it is a fool.......

 

[mskafka]

Soooo...you are all excited about a hearing? Have you never seen a congressional hearing before?
All this means is that a handful of congressional members will huff n puff and yell and stare witnesses down and get in front of microphones...and then....quietly...as time goes by....do nothing.

That's true. It's not going to get them thrown out. And it won't stop, even after it's made illegal for congress . These people will continue to do this, until one of them is made an example of. AKA prison.

Yes, I watched the SEC hearing after the Madoff scandal. A few crawled up SEC's asses, but ultimately no one was fired. Many of them quit before the hearings, and the ones left behind were "disciplined".

 

[Wolfmoon]

We're all going to Hell in a hand basket if we don't vote out all these old politician cronies. What good is political party if we are flat broke and under siege?

 

[geauxtohell]

Way to hold Congress' Feet to the Fire!



» BREAKING: House to Hold Hearing on Congressional Insider Trading; Both Houses Now Investigating - Big Government

I LOVE IT!

In the 70s and 80s Congress would pass laws and make themselves exempt. It took the Contract with America to start ending that nonsense.

NOW we have another example of Congress making themselves exempt from laws that effect everyone else.

You and I use insider info and we go to the pokey, but Congress?

Apparently, Congress has heard from their constiuents AND are probably still sweating from the 2010 shellaquing.

I think they might be worried if they don't straighten up, THEIR jobs might be caput.

I love this!

We all need to email and demand this nonsense be stopped.

If we can't do it, neither should Congress.

I am not sure who was involved (outside of allegations), but regardless this matter should be fairly investigated and the guilty should be punished.

The investigation should be conducted by a non-partisan interest.

You can nopt be guilty if you did not commit a crime.

Congress has immunity form the laws that govern insider trading.

What I dont understand is.....why? What arguments were presented in the debates when the legisaltion granting them such immunity was brought to the floor?

"we need immunity or we wont be able to make boat loads of money?"

I am suspicious of that sentiment. Congress may have tried to pull a fast one, but I suspect the courts will frown upon any goofy laws/standards they have constructed to put themselves above the law.

 

[occupied]

I would wager that a major source of insider info comes from lobbyists as a bribe. Are lobbyist dealings under scrutiny here? If not it is a worthless dog and pony show.

 

[Wolfmoon]

Lobbyists should be ban. There's no reason anyone should bribe the American politicians it certainly is not beneficial to the American people so why do we allow it.

What about Hillary Clinton and Tyson foods when Bill was Gov. Tyson arranged for Hillary to invest some small amount of money like, $1,000.00 and within a year she sold her stock for $100,000.00

Since, it was illegal for Tyson to contribute a large amount of money they figured out another way for the Clintons to get their campaign contributions. I guess there's more than one way to skin a cat or pad the paws of your politician... I'm sure it goes on all the time.

 

[westwall]

Here's the 60 Minutes expose on the issue. It's nice to see them doing some real digging again. And in my humble opinion they ALL should be fired and start the process over with a new law that states no public official can be exempt from any law they pass.


[ame=http://www.youtube.com/watch?v=x95uC_wzUX4]'60 Minutes' Blows The Lid Off Congressional Insider Trading - YouTube[/ame]

 

[Sarah G]

you'd love to see nancy pelosi kiss her cronies?

I've already seen that on the Senate floor. Haven't you seen her tongue her cronies for votes acting like a Beauty Queen?

what's nancy doing on the senate floor?

They're ignoring you.

 

[Sunshine]

Way to hold Congress' Feet to the Fire!

Rep. Spencer Bachus (R-AL), under pressure from conservatives, liberals, and his own constituents, has announced that the House Financial Services Committee, which he chairs, will hold hearings on Dec. 6 to consider legislation to prevent insider trading by members of Congress.

Both the House and the Senate are now planning hearings on congressional insider trading, following exposés by Breitbart editor Peter Schweizer in his new book, Throw Them All Out.

In a lovely bit of irony, Rep. Barney Frank–he who rejected 18 requests by George W. Bush to tighten up standards at Fannie Mae and Freddie Mac–wrote a letter to Rep. Bachus, encouraging him to craft legislation against Congressional insider trading practices:

» BREAKING: House to Hold Hearing on Congressional Insider Trading; Both Houses Now Investigating - Big Government

I LOVE IT!

In the 70s and 80s Congress would pass laws and make themselves exempt. It took the Contract with America to start ending that nonsense.

NOW we have another example of Congress making themselves exempt from laws that effect everyone else.

You and I use insider info and we go to the pokey, but Congress?

Apparently, Congress has heard from their constiuents AND are probably still sweating from the 2010 shellaquing.

I think they might be worried if they don't straighten up, THEIR jobs might be caput.

I love this!

We all need to email and demand this nonsense be stopped.

If we can't do it, neither should Congress.

It's just like their salaries...they're the only ones who get to vote on it. And if you vote them out and elect someone else then THAT person enjoys the same privilege of being one of the select group who are the only ones who get to vote. So now they hold hearings on themselves! Classic! Do you really think they give a shit what you or I think?



Be glad you can still afford to buy food and Nikes! A lot of people can't.

 

[conner700]

I'd love to see Nancy Pelosi kiss the dirt and her cronies too!

Given the fact that right now congressional insider trading isn't against the law---still doesn't make it right. If proper legislation is drafted and passed into law and makes congressional insider trading illgal that is great.

Given the fact the scam is up Nancy Pelosi should have to sell her 5,000 Visa stocks worth roughly $2 hundred thousand dollars and give the money to food banks.

 

[PLYMCO_PILGRIM]

I'd love to see Nancy Pelosi kiss the dirt and her cronies too!

I would like to see everyone and anyone, regardless of party, pay for this at the voting booth and if anything was illegal in court.

It might not have been "illegal" but that doesn't make it right.

 

[KissMy]

Insider trading & front running is running rampant on Wallstreet!

The Sept. 27 meeting with Mr. Dudley exemplifies the private meetings some Wall Street investors have with top Fed officials, in which they can gain access to potential early clues about Fed actions. Hedge funds have been pushing to get more information about the inner workings of the Fed, according to people familiar with the situation, as detailed in a Wall Street Journal page-one article Nov. 23.

 

[stevemartin]

It can possible to the house can take by the taking loan and trading in the market. If they have enough salary then it have not any problem but they are in trouble also about of them jobs. So house can hold some time and get in place of that.

 

[The T]

It's well known that the best way to get rich is to get elected.

Now we know why.

We should throw all their asses in jail.

And If they don't stop the practice? Set Bernie Madoff free.