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Most Transparent Insider Trading Congress Ever Tells SEC To Shove it

Tyler Durden's picture


"Do as we say, not as we do," appears the modus operandi of the current administration's increasingly totalitarian regime. Today's edition of 'wait, what?' comes from The WSJ who report that The U.S. House of Representatives told a federal court Friday it should dismiss a lawsuit filed by the SEC (regarding the long-running insider-trading investigation) because Congress is lawfully allowed to ignore requests to turn over records and testimony to the executive branch agency. Arguing "sovereign immunity" and responding in a rather snarky (almost "do you know who we are?" manner), House attorneys blasted the SEC's "fool's errand."


As WSJ reports,

The U.S. House of Representatives told a federal court Friday it should dismiss a lawsuit filed by the Securities and Exchange Commission because Congress is lawfully allowed to ignore requests to turn over records and testimony to the executive branch agency.


"Rather than acknowledge the fool's errand on which it has embarked, the SEC instead invites this court to join it by disregarding fundamental limitations on judicial authority," wrote House attorneys in a new court filing.


The SEC filed a lawsuit last month in the U.S. District Court for the Southern District of New York seeking to force House lawyers to turn over documents sought by the agency in a long running insider-trading investigation.




House lawyers largely repeated arguments they made in an earlier motion asking the court to dismiss the SEC case.


They say neither Mr. Sutter nor the committee have done anything improper and argued they are not required to comply with the subpoenas under provisions in the Constitution that shield legislative activity from outside scrutiny.


They also argue "sovereign immunity," which protects the government from legal liability without an explicit waiver, also shields it from a suit filed by a government agency.

*  *  *

And summing it all up



Source: Investors.com

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Mon, 07/28/2014 - 16:55 | 5014455 HFBondsTrader
HFBondsTrader's picture


Mon, 07/28/2014 - 17:02 | 5014487 takeaction
takeaction's picture

If you had $200,000 to invest....besides gold and silver and all of the prep stuff....what would you do?  Seriously?  Rental Properties, More SHTF stuff, flip a house?  Flip high end cars?  Very interested.  Thanks

Mon, 07/28/2014 - 17:06 | 5014513 pods
pods's picture

Start with a Congressman and then move up from there.


Mon, 07/28/2014 - 17:14 | 5014557 NotApplicable
NotApplicable's picture

Balance the checks?

Mon, 07/28/2014 - 17:18 | 5014576 cro_maat
cro_maat's picture

A well equiped 46 foot sailboat with several fake passports

Mon, 07/28/2014 - 17:54 | 5014729 Pure Evil
Pure Evil's picture

You should invest in Popsicle stands.

Cause its hot as hell down here.

Mon, 07/28/2014 - 17:57 | 5014749 Raymond K Hessel
Raymond K Hessel's picture

They should say their records were put on a hard disk then someone shat all over it, ran it over, shot at it, hit with a sledgehammer, and then it was scratched...all by accident.

Shit that seems to be happening a lot in DC. 

Mon, 07/28/2014 - 22:13 | 5015705 PT
PT's picture

Umm, umm, errr, some equals are more equal than, umm, other equals.  Yeah!  That's it!  And I'm never wrong becoz I am the law and the law is always right therefore I am always right.  Yeah!  That's it ...

Mon, 07/28/2014 - 23:08 | 5015968 PT
PT's picture

[Examining Yellowbeard's treasure]

El Nebuloso: Who is it more important to please: the King of Spain, or God?
El Segundo: Why, God, of course.
El Nebuloso: And who is God's personal representative in these parts?
El Segundo: Why, you, your holy ruthlessness.
El Nebuloso: Well, God wants to keep all of it.

Start at 2:29 if you're in a hurry, otherwise just watch the whole movie (Yellowbeard):

Mon, 07/28/2014 - 19:22 | 5015073 Hulk
Hulk's picture

and import your popsicles from Mexico, cause if there is one thing worse than burning in Hell for eternity, its doing so with Montezuma's revenge !!!

Mon, 07/28/2014 - 18:05 | 5014777 Not Too Important
Not Too Important's picture

I saw some Ukrainians with fake passports, handfuls. Maybe they're in the phone book.

Mon, 07/28/2014 - 18:06 | 5014572 DoChenRollingBearing
DoChenRollingBearing's picture

A POX upon them all! 

But, it would be fun to see the House take on the SEC.


-- the Dept. of Just-us

-- INS ("Undocumented Democrat Voters" on the S. border)

-- TSA and the rest of the Dept. of "Homeland Security"

Etc., my fingers tire...



But how could I forget the IRS (whoops, not IRA) and NSA?  Sheesh!

Mon, 07/28/2014 - 20:36 | 5015281 bunnyswanson
bunnyswanson's picture

Funny you should say that :)

Karen Hudes Reaction to My Last Article: “A Pox on All Your Houses!!”




It wasn’t the word ‘Pox’ that Shakespeare used in Romeo and Juliet, but ‘Plague’ instead…:
In the play Romeo and Juliet, Mercutio says ‘A plague on both your houses’ due to the fact he blames both families for his death. Mercutio was the only person able to visit both houses freely. Mercutio dies when he tries to step between a fight between Tybalt and Romeo. In his dying breath he uttered the famous line, wishing a plague on the Capulets and the Montagues.
And while it’s ok to joke in this article about the ‘Pox Curse’ I’ve received from Ms. Hudes…smallpox is no laughing matter:
Mon, 07/28/2014 - 17:06 | 5014521 HFBondsTrader
HFBondsTrader's picture

Back a start-up hedge fund

Mon, 07/28/2014 - 17:07 | 5014522 HFBondsTrader
HFBondsTrader's picture

Back a start-up hedge fund

Mon, 07/28/2014 - 17:12 | 5014547 666
666's picture

All men are created equal; however, it's not Congress' fault they're more equal that the rest of us.

Mon, 07/28/2014 - 17:13 | 5014549 potato
potato's picture

Find a way to invest into the most productive investments in the world: people.

There are many brilliant people with good ideas. Start small companies and go from there. No other investment will come close in the return as people. That's why businesses mostly hire employees instead of buying stawks. 

Mon, 07/28/2014 - 17:27 | 5014591 813kml
813kml's picture

Exactly, forward that check to my P.O. box and I guarantee to triple the investment.

Mon, 07/28/2014 - 18:06 | 5014789 Not Too Important
Not Too Important's picture

If you're in LA, Chicago or Detroit, let's talk.

Mon, 07/28/2014 - 17:36 | 5014663 ImUncleSam_That...
ImUncleSam_ThatsWhoIAm's picture

come to your house and steal the 200k we now all know you have.

Mon, 07/28/2014 - 17:55 | 5014742 Pure Evil
Pure Evil's picture

Just make sure its not all wrapped around little cardboard tubes.

Mon, 07/28/2014 - 18:09 | 5014801 markar
markar's picture

start a social media company in your basement and immediately take it public-no offices, employees, revenue necessary.

Mon, 07/28/2014 - 23:11 | 5015983 PT
PT's picture

Didn't Homer Simpson show us how to do that once?

Mon, 07/28/2014 - 19:19 | 5015060 goose fat
goose fat's picture

"If you had $200,000 to invest....besides gold and silver and all of the prep stuff....what would you do?  Seriously?  Rental Properties, More SHTF stuff, flip a house?  Flip high end cars?  Very interested.  Thanks"

I'd say SHTF stuff. Think about it. It will happen anyway. There is more and more dollars every day. If you took a fraction of that $200k and tried to spend it on goodies like goats, wheat, honey, silver it might be difficult. So the good news is you can prepare a small town for what's in store. The more dollars you earn flipping a house the more problem later, I think. Too many lies around to play that game anymore. Here's the Word from The Father on this subject:


Hope this helps.


Mon, 07/28/2014 - 17:03 | 5014499 max2205
max2205's picture

Govt insider trading. 


It doesn't even sound good









........('(...´...´.... ¯~/'...') 


..........''...\.......... _.·´ 





Mon, 07/28/2014 - 17:07 | 5014527 Stanley Kubrick
Stanley Kubrick's picture

 Ye olde "sovereign immunity" defense, eh?

Wait a minute - aren't we all sovereigns too?


Mon, 07/28/2014 - 17:13 | 5014548 813kml
813kml's picture

Some animals are more sovereign than others.

Mon, 07/28/2014 - 17:50 | 5014721 toady
toady's picture

Wait, i'm a little slow... these fuckers are playing the "sovereign citizen" card?


Aren't sovereign citizens supposed to claim the federal government is illegitimate? So they are part of an illegitimate organization and their claiming rights as a part of that organization?

Sounds like the kind of circular logic that makes our country the best country in the world.

Mon, 07/28/2014 - 18:30 | 5014884 lincolnsteffens
lincolnsteffens's picture

The Congress as a whole may be sovereign but the individual members are subjects of the Federal Government, Inc. As such each Congressman right on down to the publicly employed janitor is prosecutable for a violation of any god damned statute, regulation and code they and the federal agencies dreamed up.

The SEC can go after any "person" that violates the SEC regs. Congressmen are "persons" in the fictional realm of corporate governance. Why is it fictional? Because the position of Congressman is dreamed up in the mind of man and is only a title, not part of the tangible universe.

The problem is the (un)justice dept. would have to prosecute. If the Justice dept. tried to prosecute any Congressman that had Party backing, we could see Congress withhold funds for that purpose if it could pass both houses. With crooks on both sides of the isle...well you get my drift.

Now go after a "tea party" type guy who bucks the whole sham and you would see prosecution go forward.I say we arrest the whole bunch and sort it out one at a time.

Mon, 07/28/2014 - 17:19 | 5014586 Crash Overide
Crash Overide's picture

Well, if we the people elect them and pay their salaries then we should have the same privileges no?

Try claiming sovereign with the IRS or the court system, it doesn't work that way. We are useless eater debt slaves that think we actually have a say in anything that our criminal government does.

What a fucking joke it's all become.

Mon, 07/28/2014 - 17:57 | 5014747 Pure Evil
Pure Evil's picture

I'm a little confused due to the dementia.

Is it the most transparent or the most transgender administration in history?

Mon, 07/28/2014 - 19:03 | 5015020 N2OJoe
N2OJoe's picture

Well it's certainly not both.

Mon, 07/28/2014 - 16:57 | 5014461 HFBondsTrader
HFBondsTrader's picture

in addition to membership w/ exchanges, firms should start getting membership in the house of representatives

Mon, 07/28/2014 - 17:01 | 5014483 viator
viator's picture

They already have.

Mon, 07/28/2014 - 17:05 | 5014504 Rainman
Rainman's picture

members my ass ... they're the owners.

Mon, 07/28/2014 - 16:57 | 5014463 Bear
Bear's picture


Ca vs. Ill who is the most insane

Mon, 07/28/2014 - 17:04 | 5014502 NOTaREALmerican
NOTaREALmerican's picture

Only insane if you aren't in on the insanity.  

Mon, 07/28/2014 - 17:17 | 5014570 potato
potato's picture

Are you fvcking kidding me?

bus operators making 200k

BART officers making 250k


Mon, 07/28/2014 - 18:05 | 5014786 SamuelMaverick
SamuelMaverick's picture

If those salaries are real, then the USA is done - and I mean well done burnt to a crisp. Those fuckers are making more than professionals with advanced degrees.  I mean no shit, I am stammering to myself right now - I know Doctors ( real doctors ) that are making less than those dipshit busdrivers !!!



Mon, 07/28/2014 - 18:08 | 5014792 Not Too Important
Not Too Important's picture

Why do you think the doctors all want to quit? Then what?

Mon, 07/28/2014 - 18:38 | 5014923 lincolnsteffens
lincolnsteffens's picture

Then what?? They want to become bus drivers. Duuuuuh!

Mon, 07/28/2014 - 18:37 | 5014905 kill switch
kill switch's picture

Why do you think Palllsosssiii keeps getting voted into the clown show.......

Mon, 07/28/2014 - 17:01 | 5014480 Occams_Chainsaw
Occams_Chainsaw's picture

It's good to be kings and queens.....

Mon, 07/28/2014 - 17:01 | 5014485 FuzzyDunlop21
FuzzyDunlop21's picture

Well they just admitted buying spoos is "legislative activity". I mean I knew it was coming. Soon it will be illegal to not buy stawks. The only reason why the White House has not implemented their government mandated investment initiate, no doubt called ObamaSPY, is probably because they are still trying to figure out how to make it sound less like an NSA program

Mon, 07/28/2014 - 17:02 | 5014489 syntaxterror
syntaxterror's picture

"We lost the emails"

Mon, 07/28/2014 - 17:03 | 5014494 economessed
economessed's picture

Transparent?  Darn right.  I can see right through it:  it's a different set of laws that they applied to themselves because they "represent" us. 

The end result of their self-created exceptionalism is a morally-acceptable justification for tax evasion. 

Mon, 07/28/2014 - 18:43 | 5014947 lincolnsteffens
lincolnsteffens's picture

In the words of Wodrow Wilson Guthrie; "That stew was so awful thin, even the pol-u-tish-uns could have seen through it."

Mon, 07/28/2014 - 17:05 | 5014505 pomlad5
pomlad5's picture

yes icah can

Mon, 07/28/2014 - 17:05 | 5014511 buzzsaw99
buzzsaw99's picture

lol at mary jo

Mon, 07/28/2014 - 17:07 | 5014518 Ms. Erable
Ms. Erable's picture

The more equal animals have spoken.


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