Insider Trading Laws DO NOT Apply to Congress

I didn't realize this, but apparently Congress has exempted themselves from the insider trading rules that apply to you and me.

"It's really the way the rules have been defined...[lawmakers]have conveniently written them in such a way as they don't apply to themselves," says Schweizer.

I guess I shouldn't really be that surprised given the moral fiber of these folks. It seems flagrantly abusive, but I guess it's been kept relatively quiet. Did many of you know about it?

* Members of Congress have bought stock in companies while laws that could affect those companies were being debated in the House or Senate.

* At least one representative made significant stock purchases the day after he and other members of Congress attended a secret meeting in September 2008, where the Fed chair and the treasury secretary informed them of the imminent global economic meltdown. The meeting was so confidential that cell phones and other digital devices were confiscated before it began.

A few attempts have been made to stop it, but not surprisingly, those efforts don't get very far - why would they want to cut off their gravy train?

Former Rep. Brian Baird says he spent half of his 12 years in Congress trying to get co-sponsors for a bill that would ban insider trading in Congress and also set some rules up to govern conflicts of interest. In 2004, he and Rep. Louise Slaughter introduced the "Stock Act" to stop the insider trading. How far did they get? "We didn't get anywhere. Just flat died,"

www.cbsnews.com...

This is insane and needs to stop. CBS is doing a report on this on Sunday. Hopefully bringing this to people's attention can put some pressure on these lawmakers. But, is there hope for any real change with the clowns we've got in Congress?

No wonder they're doing so well for themselves.

Congress got 25% richer during height of recession?

caffertyfile.blogs.cnn.com...

reply to post by Maluhia


Yes it's been well known for ages, well at least on sites like this.

Obviously the average public is unaware or you'd think they'd be in the streets with torches and pitchforks at the ready..

It's amazing to think what an incredibly advantageous position this law puts members of congress in.

reply to post by ipleadthe5th

Obviously the average public is unaware or you'd think they'd be in the streets with torches and pitchforks at the ready..

Well I was one of the average unaware public - obviously congress doesn't publicize its abuses very well. Hopefully the CBS report will get the issue some attention.

This revelation surprises me not in the least. They have become the definition of corruption, and do not consider themselves as our employees, but think we work for them, and should serve at their leisure.

See my TJ quoes below.

Let them have their jollies for a little longer until it all crashes down around their ears and they find themselves either in prison or booted out of the country for their malfeasance and abuse.
This is why so many members of Congress have turned in to millionaires during the last 10 years. The richest member of Congress just happens to be the chair of the banking committee. Fancy that? Good ole' Darryl Issa does a great job of acting tough during hearings.
Representative democracy my arse.

Its kinda like with the NBA. To some players the rules apply, to others not. Insider trading laws are to keep the competition at bay.

This one of the reasons why people want to get elected. Just look at how many people leave office multimillionaires.

I've known this for a while, and I tell everyone I know about it! Members of congress have made millions of dollars off of insider trading, and that's just during the recession when we're losing our jobs and homes!!

I wish people had more of an interest in politics/politicians. I wish there was a show like TMZ where paparazzi followed politicians around and released photo/video of their corruption! "Congressman, you just voted against US steel in favor of plastic corporation, here is a video of you having lunch with plastic corporation before the big vote, can you explain this bribery?"

reply to post by AnonymousMoose

I wish people had more of an interest in politics/politicians. I wish there was a show like TMZ where paparazzi followed politicians around and released photo/video of their corruption! "Congressman, you just voted against US steel in favor of plastic corporation, here is a video of you having lunch with plastic corporation before the big vote, can you explain this bribery?"

How clever! But, politicians are way too boring. Maybe if we sent them to the Jersey Shore and plied them with alcohol?

Maybe we need to have a few vigilante caning crews, ready to give them public canings when they come outside from federal buildings...

Just video the whole affair of them getting a severe beating, then a forced question/answer session telling them why they just received a caning,

Could at least get a few of them once that way, and make a big public spectacle of it..

I'de pay real money to see something like that happen..

Surprise


Ok.. maybe I'm not surprised.

No wonder they have so many days off,

Extortion and armed robbery doesn't apply to them either. How do you think they get taxes from the citizenry?

/TOA

Originally posted by Asktheanimals
Let them have their jollies for a little longer until it all crashes down around their ears and they find themselves either in prison or booted out of the country for their malfeasance and abuse.
This is why so many members of Congress have turned in to millionaires during the last 10 years. The richest member of Congress just happens to be the chair of the banking committee. Fancy that? Good ole' Darryl Issa does a great job of acting tough during hearings.
Representative democracy my arse.

I have to ask...what makes you think they will up in prison or booted out of the country?

Fact is, not only is Congress corrupt, our Senate corrupt, but this same government has appointed all the Federal Judges and Prosecutors. There is no one to send them to prison or initiate any proceedings to have them booted from the country. By the time this house of cards comes crashing down, people will be scrambling for their own survival and far too busy to worry about this issue. Seems to me the time is now to stand up and demand that no only this practice stop, but also demand the financial records of our Politicians and demand prosecution of all individuals who participated in this action.

there was an article last month where the judge said

"His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated," Holwell said.

Holwell also ordered the Galleon Group founder to pay a $10m fine for his crimes.

That same judge has probably had lunch with Senators numerous times.

My Tread on the article and Insider Trading: www.abovetopsecret.com...

reply to post by MrWendal

Fact is, not only is Congress corrupt, our Senate corrupt, but this same government has appointed all the Federal Judges and Prosecutors.

I agree. The problem is they're all corrupt. How do you have a system of checks and balances when the scale is weighted down?

reply to post by CitizenNum287119327

I saw your thread after I put mine up. I usually do a search before I post, but this time I didn't. Should have known the issue would have already been covered on ATS. Great thread btw.

I think "virus" is putting it mildly. Stage 4 cancer is more accurate.

reply to post by Maluhia


I do not think we have a system of checks and balances any more. The events of the last 10 years would suggest that checks and balances no long apply.

Originally posted by MrWendal

I have to ask...what makes you think they will up in prison or booted out of the country?

A guy can dream, can't he?

Of course that would be a best-case scenario. In all probability you're right, people will be scrambling for their own survival while these fat cats laugh from the Xe protected gated communities.
I have this crazy idea that perhaps our military will honor their oath to defend the Constitution from domestic enemies as our current government have proven themselves to be.

Wouldn't it be loverly?

Americans need to get together and drag their congressmen and senators out of their homes and offices. Take them into the street and beat them senseless. Then tar and feather them.

Originally posted by Asktheanimals

Originally posted by MrWendal

I have to ask...what makes you think they will up in prison or booted out of the country?

A guy can dream, can't he?

Of course that would be a best-case scenario. In all probability you're right, people will be scrambling for their own survival while these fat cats laugh from the Xe protected gated communities.
I have this crazy idea that perhaps our military will honor their oath to defend the Constitution from domestic enemies as our current government have proven themselves to be.

Wouldn't it be loverly?

Sometimes I think all we have left is our dreams, and sadly most of us would choose to embrace our dreams and stick our head in the sand and pretend everything is tolerable while we hope things sort themselves out. However, it would be foolish to think it would happen that way.

I do not hold much hope in our Military to honor their oath. No one wants to be the first person to stand up and do so. Let us be honest.. the first person who does will be labeled a traitor and probably executed by the same Government they speak out against.