Congressional Insider Trades

Discussion in 'Politics' started by georgephillip, Nov 17, 2011.

  1. georgephillip
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    georgephillip Gold Member Supporting Member

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    "You cannot read the description of the personal stock trading allegedly conducted by Rep. Spencer Bachus and other members of Congress during the financial crisis and conclude anything other than the following:

    "Our government is completely corrupt.

    "Yes, this behavior may be technically legal, because of an absurd loophole that makes insider-trading rules not apply to Congress.

    "Yes, this behavior may be widespread on Capitol Hill.

    "But there is no universe in which a reasonable person would consider this behavior ethical or okay. And for the 300+ million Americans who aren't members of Congress, it would be just plain illegal

    "Many members of Congress seem guilty here, including John Kerry, Dick Durbin, and Jim Moran..."

    The integrity of the 1% in all its rancid glory.

    FLUSH Republicans AND Democrats from DC next November by the hundreds.
    Both parties serve only the 1% and themselves.

    http://finance.yahoo.com/blogs/daily-ticker/congress-insider-trading-scandal-outrageous-122321428.html
     
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    Last edited: Nov 17, 2011
  2. georgephillip
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    georgephillip Gold Member Supporting Member

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    Insider trading by members of congress is a bipartisan crime that can't be cured by "choosing" between Democrat OR Republican in the voting booth.

    Nancy Pelosi, John Kerry, Dick Durbin, and Jim Moran attest to that measure of 1% integrity.

    Spencer Bachus, however, made more than 40 trades in his personal account during the early months of the 2008 financial crisis, according to Dave Weigel's new book Throw Them All Out.

    Let Dave tell it:

    "On the evening of September 18, at 7 p.m., Bachus received [a] private briefing for congressional leaders by Hank Paulson and Federal Reserve Bank Chairman Ben Bernanke about the current state of the economy.

    "They sat around a long table in the office of Nancy Pelosi, then the Speaker of the House. These briefings were secretive. Often, cell phones and Blackberrys had to be surrendered outside the room to avoid leaks...

    "The meeting broke up. The next day, September 19, Congressman Bachus bought contract options on Proshares Ultra-Short QQQ, an index fund that seeks results that are 200% of the inverse of the Nasdaq 100 index.

    "In other words, he was shorting the market.

    "It was an inexpensive way to bet that the market would fall. He bought options for $7,846 on a day when the Dow Jones Industrial Average opened at 8,604. A few days later, on September 23, after the market had indeed fallen, he sold the options for over $13,000 and nearly doubled his money."

    The Congress Insider Trading Scandal Is Outrageous | Daily Ticker - Yahoo! Finance

    "Throw Them All Out" by FLUSHING the reals shitters from DC next November, Republican and Democrat alike.
     
  3. B. Kidd
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    B. Kidd Gold Member

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    Okay George.
    Alot of us already got the memo that our Gov't only represents 'the people' in a bygone form (model), but not a recent or present substance.
    Where da' hell you been?
     
  4. georgephillip
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    georgephillip Gold Member Supporting Member

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    Looking for the next Huey P. Long?

    "Long created the Share Our Wealth program in 1934 with the motto 'Every Man a King', proposing new wealth redistribution measures in the form of a net asset tax on corporations and individuals to curb the poverty and homelessness endemic nationwide during the Great Depression.

    "To stimulate the economy, Long advocated federal spending on public works, schools and colleges, and old age pensions. He was an ardent critic of the Federal Reserve System's policies.

    "Charismatic and immensely popular for his programs and willingness to take forceful action, Long was accused by his opponents of dictatorial tendencies for his near-total control of the state government."

    Huey Long - Wikipedia, the free encyclopedia

    Have you seen any likely candidates?
     
  5. B. Kidd
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    B. Kidd Gold Member

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    Nope!
     
  6. California Girl
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    California Girl BANNED

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    Did the smell of coffee wake you up?

    You really needed to be told this?

    Wow. Just Wow.
     
  7. georgephillip
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    georgephillip Gold Member Supporting Member

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    In 1929 there were six big banks who controlled most of the market, they sat on each other's boards and owned large proportions of their fellow 1%ers stocks. They were covered by the corporate media of the day and enabled by tools of the time like Spencer Bachus.

    "Today, we have six banks (mostly incarnations of the 1929 banks) that control the stock market, most mortgage lending, the bulk of deposits and nearly all derivatives activity.

    "They inflated the housing market, in particular subprime loans, so they could stuff those loans into more complicated assets, borrowing hundreds of trillion of dollars against them, increased their risk through derivatives and spread them throughout the globe.

    "When it became apparent these assets didn't have the value that banks said they did, the market, they got federally bailed out, while the Main Street economy sank."

    Are you counting on Spencer, or Mitt or Barry or Nancy to prevent this from happening a third time?

    The Crash of 1929 Was Just a Prelude: Truthout Interviews Whistleblower-Novelist Nomi Prins | Truthout
     
  8. KissMy
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    KissMy Free Breast Exam

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    Insider trading & front running is running rampant on Wallstreet!

     
  9. stevemartin
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    stevemartin Rookie

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    I think there is all country have there market place and whole country is dependent on this trading market which can in profit or loss. Economical movements are dependent on this trading.
     
  10. stevemartin
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    stevemartin Rookie

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    In 1929, there were six major banks who controlled most of the market, they sat on each others boards and owned large shares of their stock fellow ERS 1%. They were covered by the corporate media of the day and enabled by the tools of the time like Spencer Bachus.
     

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