Legal Insider Trading

Discussion in 'Politics' started by barry1960, Jun 18, 2012.

  1. barry1960
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    barry1960 VIP Member

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    If someone working in the financial industry obtain information not open to the general public and uses that information to trade stocks that is insider trading. Even a celebrity such as Martha Stewart can atest to this.

    Sixty Minutes did a segment on this. Congressmen are exempt from insider trading laws. Of course congressmen are privy to information which could be advantageous. I guess this is just a job perk.

    Speaker of the House John Boehner was asked about a trade he made after a commitee meeting. His memory was quite hazy. Lest this be considered partisan, former speaker Nancy Pelosi's memory was even poorer regarding a special IP stock offering given to her.

    One congressman has sponsered legislation to stop insider trading by congress, but there are few takers. Like free stamps and a great pension, trading on information made available as a result of the special position their jobs affords is just another perk.

    Truly disgusting.
     
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