Congress and insider trading

Quantum Windbag

Gold Member
May 9, 2010
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Remember the STOCK Act, the new law that would prevent Congress critters from insider trading? Remember how it was going to stop all that Democrats and bad stuff? Remember how I scoffed? It seems that 68 Democrats and 62 Republican conresscritters are still getting rich off of investments in stocks they are voting on.

Don't worry though, not only is it legal, every single one of them assures us that the timing is just a big coincidence.

Congressmen are investing hundreds of millions of dollars in stock in companies over which they have oversight. And it’s perfectly legal.
WaPoMembers of Congress trade in companies while making laws that affect those same firms“):


One-hundred-thirty members of Congress or their families have traded stocks collectively worth hundreds of millions of dollars in companies lobbying on bills that came before their committees, a practice that is permitted under current ethics rules, a Washington Post analysis has found.
The lawmakers bought and sold a total of between $85 million and $218 million in 323 companies registered to lobby on legislation that appeared before them, according to an examination of all 45,000 individual congressional stock transactions contained in computerized financial disclosure data from 2007 to 2010.
Almost one in every eight trades — 5,531 — intersected with legislation. The 130 lawmakers traded stocks or bonds in companies as bills passed through their committees or while Congress was still considering the legislation. The party affiliation of the lawmakers was almost evenly split between Democrats and Republicans, 68 to 62.
Sen. Tom Coburn (R-Okla.) reported buying $25,000 in bonds in a genetic-technology company around the time that he released a hold on legislation the firm supported. Rep. Ed Whitfield (R-Ky.) sold between $50,000 and $100,000 in General Electric stock shortly before a Republican filibuster killed legislation sought by the company. The family of Rep. Michael McCaul (R-Tex.) bought between $286,000 and $690,000 in a high-tech company interested in a bill under his committee’s jurisdiction.

Congress and Insider Trading
 
When they passed it as easily as they did, I knew there was a back door to this.
It just isn't the democrats, the republicans are just as guilty.

Bipartisan consensus always scares me, it is just a way for politicians to pretend they care about the rest of the country. The political class, the 0.0001%, run this country and think the rest of us are idiots.
 
When they passed it as easily as they did, I knew there was a back door to this.
It just isn't the democrats, the republicans are just as guilty.

Bipartisan consensus always scares me, it is just a way for politicians to pretend they care about the rest of the country. The political class, the 0.0001%, run this country and think the rest of us are idiots.

They think that because we act like idiots. People care more about the letter than the person.
 
When they passed it as easily as they did, I knew there was a back door to this.
It just isn't the democrats, the republicans are just as guilty.

Absolutely, But then the Democrats are the party that tries to Own this issue and Pretend the Other side is the only ones in bed with Wall street.
 
When they passed it as easily as they did, I knew there was a back door to this.
It just isn't the democrats, the republicans are just as guilty.

Absolutely, But then the Democrats are the party that tries to Own this issue and Pretend the Other side is the only ones in bed with Wall street.

They can kiss the moral high ground 'goodbye' on this one. Frankly, I am sick to the back teeth with the corruption in our government.
 
When they passed it as easily as they did, I knew there was a back door to this.
It just isn't the democrats, the republicans are just as guilty.

Absolutely, But then the Democrats are the party that tries to Own this issue and Pretend the Other side is the only ones in bed with Wall street.

They can kiss the moral high ground 'goodbye' on this one. Frankly, I am sick to the back teeth with the corruption in our government.

The question then becomes what to we as the people of this country who know about this do?
 
When they passed it as easily as they did, I knew there was a back door to this.
It just isn't the democrats, the republicans are just as guilty.

Absolutely, But then the Democrats are the party that tries to Own this issue and Pretend the Other side is the only ones in bed with Wall street.
Geeeeeeeeeeeee......I wonder why?​

Eric Cantor
BUSTED!!!!!!


*

December 9, 2011

Eric Cantor; Blocking Insider Trading Act


"In a strange and unexpected twist, the Republican leader in the House of Representatives is now blocking progress on a bill that would definitively outlaw insider trading by federal lawmakers.

The Republican sponsor of the bill in the House, Financial Services Chairman Spencer Bachus of Alabama, had scheduled a markup of the Stop Trading on Congressional Knowledge (STOCK) Act for next week. But on Wednesday, Majority Leader Eric Cantor of Virginia cancelled the markup session.

Cantor reportedly said he blocked the bill to give Congress more time to examine the issue. Critics of the move, however, fear that any delay could kill the bill entirely."

cantor_eric_200.jpg


"Aw, fuck."
 
[ame=http://www.youtube.com/watch?v=koV5YwOzQiE]Congressman Eric Cantor Blocking Vote On Congressional Insider Trading Bill - YouTube[/ame]​
 
Remember the STOCK Act, the new law that would prevent Congress critters from insider trading? Remember how it was going to stop all that Democrats and bad stuff? Remember how I scoffed? It seems that 68 Democrats and 62 Republican conresscritters are still getting rich off of investments in stocks they are voting on.

Don't worry though, not only is it legal, every single one of them assures us that the timing is just a big coincidence.

Congressmen are investing hundreds of millions of dollars in stock in companies over which they have oversight. And it’s perfectly legal.
WaPoMembers of Congress trade in companies while making laws that affect those same firms“):


One-hundred-thirty members of Congress or their families have traded stocks collectively worth hundreds of millions of dollars in companies lobbying on bills that came before their committees, a practice that is permitted under current ethics rules, a Washington Post analysis has found.
The lawmakers bought and sold a total of between $85 million and $218 million in 323 companies registered to lobby on legislation that appeared before them, according to an examination of all 45,000 individual congressional stock transactions contained in computerized financial disclosure data from 2007 to 2010.
Almost one in every eight trades — 5,531 — intersected with legislation. The 130 lawmakers traded stocks or bonds in companies as bills passed through their committees or while Congress was still considering the legislation. The party affiliation of the lawmakers was almost evenly split between Democrats and Republicans, 68 to 62.
Sen. Tom Coburn (R-Okla.) reported buying $25,000 in bonds in a genetic-technology company around the time that he released a hold on legislation the firm supported. Rep. Ed Whitfield (R-Ky.) sold between $50,000 and $100,000 in General Electric stock shortly before a Republican filibuster killed legislation sought by the company. The family of Rep. Michael McCaul (R-Tex.) bought between $286,000 and $690,000 in a high-tech company interested in a bill under his committee’s jurisdiction.

Congress and Insider Trading

It is good to see that the one thing that republicans and democrats can agree on is allowing congress to make a shitload of money on insider trading. What is really great to know is that they removed spouses and children from having to report their trades. Interestingly enough those are the same people who cannot be forced to testify in court against the congresspeople if any shenanigans happen.

Oh, and i will give republicans the fact obama signed it into law knowing full well about the loophole, which means he gets to pretend they did something while not really doing anything. I would be looking to his opponent if i was not completely sure there was no way mittens would have vetoed it anyway. just more evidence that in the areas where it matters neither republican or democrat is on your side.
 
Bipartisan bills tend to be ones where politicians in both parties unite to screw the people.
 

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