Insider Trading Laws Do Not Apply To Congress

[KissMy]

Why do we let these corrupt assholes boss us around?

Congress Members Took Part in Insider Trading: Abramoff

legal analysts say that Wall Street insider trading laws do not apply to Congress. As an open and public institution, the legal assumption has long been that any member of the public can have access to information about how Congress works. In practice, though, that's simply not true, as powerful members of Congress come into contact daily with market-moving tidbits. That gap between the law and the reality has made Capitol Hill a virtual free-fire zone for insider trading. Over the years, academic studies have found that members of the House of Representatives beat the market by as much as six percent per year and members of the Senate do even better than that.

 

[Mad Scientist]

Just one of the many ways Congressmen go to Washington and become millionaires.

I know people still hate Jack Abramoff but there are many more just like him still working. We could learn a lot from him. I bought his new book on Amazon, haven't got it yet.

 

[KissMy]

 

[richstacy]

Better question: Why do WE keep re-electing them?

Why do we let these corrupt assholes boss us around?

 

[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]

In legal trading law can't apply to congress and there is institution is open and public,so in that public can use that information and instruction about congress and can know about how the congress work.

 

[KissMy]

In legal trading law can't apply to congress and there is institution is open and public, so in that public can use that information and instruction about congress and can know about how the congress work.

The private meetings that some Wall Street investors have with top Fed officials where they gain access to early clues about Fed actions are not open to the public.

 

[RetiredGySgt]

Actually the law DOES apply to Congress. No specific grant of immunity is given. HOWEVER, as was pointed on when this first came up, the SEC does not believe it can prove the case so in effect they just do nothing.

 

[KissMy]

Actually the law DOES apply to Congress. No specific grant of immunity is given. HOWEVER, as was pointed on when this first came up, the SEC does not believe it can prove the case so in effect they just do nothing.

That is because SEC & it's chirman Cox were to busy with their cocks in their hand to prove anything.

One senior attorney at SEC headquarters in Washington spent up to eight hours a day accessing Internet porn

 

[OohPooPahDoo]

Why do we let these corrupt assholes boss us around?

Congress Members Took Part in Insider Trading: Abramoff

legal analysts say that Wall Street insider trading laws do not apply to Congress. As an open and public institution, the legal assumption has long been that any member of the public can have access to information about how Congress works. In practice, though, that's simply not true, as powerful members of Congress come into contact daily with market-moving tidbits. That gap between the law and the reality has made Capitol Hill a virtual free-fire zone for insider trading. Over the years, academic studies have found that members of the House of Representatives beat the market by as much as six percent per year and members of the Senate do even better than that.

Members of Congress and the President should be required to place their assets in blind trust or in low risk fixed income instruments like money market accounts.


Period.

 

[editec]

Why do we let these corrupt assholes boss us around?

Congress Members Took Part in Insider Trading: Abramoff

legal analysts say that Wall Street insider trading laws do not apply to Congress. As an open and public institution, the legal assumption has long been that any member of the public can have access to information about how Congress works. In practice, though, that's simply not true, as powerful members of Congress come into contact daily with market-moving tidbits. That gap between the law and the reality has made Capitol Hill a virtual free-fire zone for insider trading. Over the years, academic studies have found that members of the House of Representatives beat the market by as much as six percent per year and members of the Senate do even better than that.

And if this is true then we might as well just admit that we live in a CLASSIST state and then decide if we want to continue to do so.

I know some of us are perfectly comfortable with a shamocracy and a CLASSIST economy and some of us obviously aren't.