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Lawmakers Profit From Affected Companies

JayHawk

JayHawk

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Just saw this on Sixty Minutes. A program I can truly still call a news worthy source of journalism.

Apparently among the many perks of being in office Congress critters can act upon their inside knowledge of what will and what will not affect the markets.

This is purely astonishing and astounding that it goes on till this day. Such a disgusting dirty bunch of fucking liars. Each one interviewed including Pelosi and Boehner CLAIM that they did not use that knowledge to profit. Yet mysteriously their holding increased or decreased proportionally to earn them dollars just prior to law being made.

Sickening.

Lawmakers Profit From Affected Companies

Most former congressmen and senators manage to leave Washington - if they ever leave Washington - with more money in their pockets than they had when they arrived, and as you are about to see, the biggest challenge is often avoiding temptation.
Click to expand...

Congress: Trading stock on inside information?

So I suppose the republican side isn't alone in being a seething self interested bunch of dirt bags. Pelosi claims that the basis is a republican hit journalist work but 60 Minutes takes on both sides of the aisle. She is dead wrong. As is Boehner. Trading the health of Americans for his own profit.
 
Baboons of course (thank you google)

It is truly astonishing. The more you look at congress the more you lose heart that any of them ever did anything to benefit their constituents.
 
JayHawk said:
Baboons of course (thank you google)

It is truly astonishing. The more you look at congress the more you lose heart that any of them ever did anything to benefit their constituents.
Click to expand...

We have a congress of baboons. As Franklin once said, a plague or earthquake we could deal with, but we got a congress!

One batch of baboons chants, "More for the rich! More for the rich!" while the other, called on to champion the people, whimpers, "Must keep the donations! Must keep the donations!"

To those who listen closely, they're saying "Must keep more donations for the rich!"
 
It's funny how threads like this are ignored.

I'm all for getting the jerks out of there but I guess it's ok because they all do it.



....NOT
 
Yes, it's true. Congress is not subject to insider trading rules. That explains how they all leave with a good deal more than they arrived with.
 
I was literally floored when I found this out. It is beyond belief.

This undoubtedly needs to be a reform undertaken immediately in our political system. If the POTUS has to dump his holding into blind trust when assuming office then certainly the unruly congress should have to as well.
 
jackoroe said:
Yes, it's true. Congress is not subject to insider trading rules. That explains how they all leave with a good deal more than they arrived with.
Click to expand...

And what's really amazing?

None of us ever really considered the possibilities of our Elected Representatives doing such things?

:eek:

But looking at Texas Governor Rick Perry, with my trying to figure out how a Texas Democrat who supported Al Gore in 1988, who was make $35,000 a year could now be worth millions and a Republican running for POTUS with 15 mil or so in his war chest.

What's the old phrase? Follow the Money?

I think that I'm more depressed now about our democracy and its future than I've ever been. :(
 
palemale said:
Insider trader rules should apply to members of Congress. However, i read a few days ago that the CBS report, as it relates to Nancy Pelosi and John Boehner, was debunked. It didn't hold up to minimal scrutiny apparently. I haven't been able to find the link yet.

p.s. I found the link. http://www.huffingtonpost.com/2011/11/14/60-minutes-pelosi-boehner_n_1091656.html
Click to expand...

They point out interesting associated facts but I don't give the congressmen the benefit of the doubt. How is it that public servants working in Washington typically leave there better off than when they arrived?

It is an interesting situation. The explanation that Boehner had someone else actually perform the job is ridiculous. It is also ridiculous to say a member of the House regardless of party does not know where legislation is going.

With Pelosi it is a little tougher to prove but that still leave 534 other members who were not so constrained. I wonder how willing each of them would be for full financial disclosure?
 
JayHawk said:
They point out interesting associated facts but I don't give the congressmen the benefit of the doubt. How is it that public servants working in Washington typically leave there better off than when they arrived?
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It's even worse than that!

How were they "publicly annointed" to run, and be chosen in the first place?

FTC regulations only apply to Wall Street organizations/corporations.

The real money is held and made by the "majority shareholder" of those same institutions.

Who do you think they're supporting for Congress?

Just "friends" that they're hanging out with on the golf course, the charity fundraiser, the board of a "conservative" think tank, the "family" get together.

Just friends, who in the course of conversations talk about certain "bills" and "pending legislation" together.

*does his best Blance DuBois impersonation*

"I've always depended upon the kindness of strangers."

:p

No money trail, no convictions.

It is an interesting situation. The explanation that Boehner had someone else actually perform the job is ridiculous. It is also ridiculous to say a member of the House regardless of party does not know where legislation is going.

With Pelosi it is a little tougher to prove but that still leave 534 other members who were not so constrained. I wonder how willing each of them would be for full financial disclosure?
Click to expand...
It doesn't matter.

Just the "appearance" of impropriety should be enough for them to publicly distance themselves from it, and they can't even pass legislation directed at addressing it. :grrr:

But they're all to busy raking it in "hand over first" to notice. :mad:

Congress is at 9% approval rating. Just 2 percentage points LOWER than Communism.

I watched the piece on 60 Minutes, and it struck me how quick they are to point the finger at each other when it pertains to "public policy," but when Scott Pelley started asking them about how their jobs favor them, suddenly Pelosi and Boehner got stupid as shit. :cool:
 
Congresspeople should be given only two options. Either all of their, and their spouses, financial transactions must be handled by a blind trust, or an absolute ban on congresspeople and their spouses from making any investments in a company whose business will be affected by pending legislation. The problem with the second option, however, is that there is probably pending legislation affecting nearly every company, so option 2 may not be a viable option.

Perhaps there should be an independent counsel that would have to render an opinion on every investment and whether it poses a conflict of interest, and the congressperson would have to pay for the opinion out of their personal funds.

My second option above might be feasible if it is limited to legislation that makes it to a certain point, i.e. when it is voted out of a committee in either house (some legislation is voted on in multiple committees), when it is brought to the floor of either house, etc.
 
term limits is the minimum

full financial disclosure at a maximum

i feel sorta stupid that this was not obvious to me re: overt financial benefits from info

yech
 
^^^

There is also absolutely no reason that Congress should have a pension or retirement system.

Being a Senator or Congressman was never meant to be a full time job.
 
Jack Springer said:
^^^

There is also absolutely no reason that Congress should have a pension or retirement system.

Being a Senator or Congressman was never meant to be a full time job.
Click to expand...

Some would argue that it's not even that considering how little time that I actually spend there doing "the people's business."

They've clearly become a class of Americans unto themselves.

The D and the R is just window dressing, when it's clear that they're all in bed together.

Congress should be required to live under the same conditions as their constituency; paying for thier own health care, buying their own insurance, paying into thier own pension plans.

Not these guys and gals.

Win two senate seats, and or four congressional elections, then get a job as a lobbyist and you're set for life.

It's bullshit.
 
Jack Springer said:
^^^

There is also absolutely no reason that Congress should have a pension or retirement system.

Being a Senator or Congressman was never meant to be a full time job.
Click to expand...

Well, not a lavish one.

Ditch what they have and make it an addendum to Social Security: for each term in the House, grant an extra $100/month to their SS, up to $500; for each term in the Senate, add $250/mo to their SS, up to $500.

And for quitting Congress and never coming back to D.C. (except as president or veep or cabinet), add $500/month.
 
chance1 said:
term limits is the minimum

full financial disclosure at a maximum

i feel sorta stupid that this was not obvious to me re: overt financial benefits from info

yech
Click to expand...

You're not alone.

I think that it comes to a surprise to quite a few of us.

Nancy Pelosi looked like a deer caught in the headlights of an oncoming car when Scott Pelley started asking her questions about this.

Boenher seemed a little more prepared, which is kinda scary.

In my mind in implies that he'd already considered what it might "look like" and came up with an end run game to answer the question should it ever be asked.

They know what's going on.

No wonder the Guys on Wall Street don't take those clowns, and their regulations in Washington serious.

Shit! It's bad enough that Congress is already perceived to be bought and paid for by lobbyists and Corporate interests, but to now discover that they've found an additional way to line their own personal pockets???

Unbelievable. :cool:
 
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