This page has been archived and commenting is disabled.

Congress Must IMMEDIATELY Pass HR 1148: The "Stop Trading On Congressional Knowledge" Act

Tyler Durden's picture




 

Update: we have learned that the current iteration of HR 682 is HR 1148, it's purpose is "To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes" sponsored by Tim Waltz, and as of June 1 was... referred to the Subcommittee on the Constitution.

Following yesterday's 60 Minutes grotesque special which finally exposed to the general public what most experts in the industry have known for many years, namely that the bulk of "profits" for Congressmen (at a fixed $174,000 salary for the current year) and Senators are made courtesy of perfectly legal insider trading, it is time to ask the logical next question: how is it possible that the US system of checks and balances has failed so spectacularly, as to allow a glaringly illegal activity for everyone else to proceed and to generate multi-million dollar windfalls for congressional and senatorial critters? It would be perfectly understandable if some very righteous anger accompanies said question. Well, as it turns out, some, very few, Congressmen have a conscience and do believe in operating within the confines of the law, and 2 years ago proposed HR 682: Stop Trading On Congressional Knowledge Act. HR 682, sponsored by Rep. Brian Baird, has a purpose "To prohibit securities and commodities trading based on nonpublic information relating to Congress, and to require additional reporting by Members and employees of Congress of securities transaction, and for other purposes." Wonder why you have never heard of HR 682, aside from the obvious: that Congress would never vote in a law to cut off this massive illegal form of funding for itself: "This bill never became law." Well, duh.

More: "This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session." Indicatively, the bill died when it was referred to, extremely ironically, the Subcommittee on the Constitution, Civil Rights, and Civil Liberties. So there you have it, and the question now is: who of the 435 members of Congress will be so kind to just say no to perpetuating this gross criminal act, and finally make it illegal for Congressmen to trade on inside information, just as it is for everyone else, and usually ends up leading to prison time and multimillion dollar fines for all those other "mortals" who are caught doing it. After all, is it too much to demand of Congress to follow the laws that are in place for everyone else???

And a letter penned by the original two bill sponsors to Nancy Pelosi. Logically, nothing ever happened afterwards.

 

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 11/14/2011 - 14:57 | 1876287 Mongo
Mongo's picture

Good luck...

Mon, 11/14/2011 - 15:00 | 1876296 slaughterer
slaughterer's picture

Wall Street = corrupt

Washington DC = corrupt

Hedge funds = corrupt

Bond funds = corrupt

Mortgage industry = corrupt

Europe = corrupt

China = corrupt

What else? 

Mon, 11/14/2011 - 15:03 | 1876309 CH1
CH1's picture

The State (the position, the institution) is corrupt.

Mon, 11/14/2011 - 15:06 | 1876328 mikla
mikla's picture

Do as we say

Mon, 11/14/2011 - 15:12 | 1876360 redpill
redpill's picture

Supposedly being in Congress is "public service" so why don't they just make a rule that you don't trade while you're in Congress at all.  If that's too much to ask, maybe "public service" isn't for you.

Mon, 11/14/2011 - 15:28 | 1876445 derek_vineyard
derek_vineyard's picture

me = not corrupt   (only because they wont let me in the club)

Mon, 11/14/2011 - 18:08 | 1877179 Hard1
Hard1's picture

Congress voting and passing the bill that will cut their real source of income HAHAHAHAHAHAAHAHAHAHA

Mon, 11/14/2011 - 16:51 | 1876891 SheepHerder
SheepHerder's picture

Not only will they not allow us in the club, we support the club.  I don't know about you, but I work fifty hours plus a week.  A portion of that goes to taxes.  Those taxes pay those "public servants."  Those "public servants" go and take that money and pass/do not pass laws that will make their stock options profitable.  In other words, a portion of my workday (time, skills, energy) goes to making those "public servants" richer for their service of fucking me as a taxpaying citizen.  I wonder when our society will get tired of being fucked.   

Mon, 11/14/2011 - 16:01 | 1876612 Fox-Scully
Fox-Scully's picture

It is public services Congress

Mon, 11/14/2011 - 16:02 | 1876618 Dave Thomas
Dave Thomas's picture

While you're at it, cap their salaries to a mean of the average working American's salary, provide them dormitory style housing in Washington close to the capitol (They can chill in their crib when not in Washington), provide travel expenses for getting to and from Washington, and necessary fact finding trips, and eliminate any form pecuniary compensation from lobbyists.

That would attract people who would be willing to honestly serve as representatives (Think teachers), as opposed to the greedy sociopathic types that flock to the position today.

Tue, 11/15/2011 - 00:00 | 1878151 OTC_Options
OTC_Options's picture

That sounds just great: a bunch of unionized teachers running the country. The whole fucking country will fail just as the schools have.

Mon, 11/14/2011 - 16:19 | 1876712 DaveyJones
DaveyJones's picture

"perfectly legal," "public service" - amazing oxymorons

Mon, 11/14/2011 - 19:06 | 1877310 Antifaschistische
Antifaschistische's picture

FREEDOM OF INFORMATION

What we need is for the Freedom of Information Act to extend INTO all financial transactions held by Government Officials at ALL levels.   Start with Congress. Encourage all State and Local Governments to do the same.   The Federal Government should then require financial transparency laws to extend to all Federal Aid and Federal Grant recipients.  If they did this we'd uncover how Federal Aid/Grant money ends up being recirculating into the pockets of Friends and Family members.

Mon, 11/14/2011 - 16:09 | 1876408 Shocker
Shocker's picture

Exactly, There is two different rule books. The problem is everything has got so out of wack at this moment.

During Recession/Depression, only the top can gain, and the bottom just keep going down further.

We are in some interesting times,

 

 

Mon, 11/14/2011 - 15:04 | 1876318 Pladizow
Pladizow's picture

Just as insulting is the fact that even if they only serve one term, they still get their pension for life!

WTF!

America died along time ago and The United States INC. was born!

Mon, 11/14/2011 - 15:09 | 1876339 mikla
mikla's picture

Very good point.  This is today's equivolent of, "Granting Titles of Royalty", something explicitly prohibited in the Founding.

Of course, we also say, "Mr. Senator", "Mr. President" to address the individual, long after the person is out-of-office.  That is simliarly a life-long title.  But, as you point out, it's all about the money (and control).

Mon, 11/14/2011 - 15:17 | 1876368 Don Birnam
Don Birnam's picture

Alas, then we have Ms. Pelosi, who, via an official mouthpiece, decried the charges of "soft corruption" levied against her ( and her husband ), when they purchased shares in Visa -- whilst credit card legislation favorable to same was passing through her [ then ] House. These grifters in Congress, defending their character, regarding their "sneak-thief" actions.

"The louder he talked of his honor, the faster we counted our spoons."

Ralph Waldo Emerson had their kind fittingly illustrated one and a half centuries ago. It takes a special reprobate breed to be a Congressman. 

Mon, 11/14/2011 - 15:41 | 1876502 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

 

Such hypocrites.  Talking out of both sides of their mouths.  Do as we say, not as we do.  

Each day more of the rot is exposed to those who wish to see.  When are we going to do something?

---

Gold, without question, should be part of what everyone should own.

Mon, 11/14/2011 - 17:46 | 1877119 FL_Conservative
FL_Conservative's picture

Socialism is for the people NOT the socialist.

Mon, 11/14/2011 - 16:25 | 1876759 DaveyJones
DaveyJones's picture

Ms. Pelosi is the scum of the hill and that's quite the accomplishment since both parties are organized crime. It was Pelosi who said, some time back, that although she thought the Iraq war was illegal, destructive, and misleading, she was all for it if it hurt the other party. Criminal accomplice is a flattering term.     

Mon, 11/14/2011 - 15:09 | 1876345 55 men
55 men's picture

The Honorable Nancy Pelosi

Now that shit is funny!

Mon, 11/14/2011 - 16:02 | 1876619 nope-1004
nope-1004's picture

I used to think she was just an idiot douche bag.

Now I know she's a manipulative, corrupt, selfish, idiot douche bag.

FU Nancy.  You're a POS.  Sleep well, bitch.

 

Mon, 11/14/2011 - 16:10 | 1876666 IAmNotMark
IAmNotMark's picture

I disagree.  I don't think she should sleep well.

Mon, 11/14/2011 - 16:34 | 1876818 earleflorida
earleflorida's picture

checkout california's '3' ` little women' - boxer, pelosi, and the big kahuna,  feinstein [mic` appropriations committee] 

Mon, 11/14/2011 - 16:34 | 1876820 Treason Season
Treason Season's picture

"...To understand Mrs. Pelosi, we need to first examine her family—the D’Alessandros—who’ve been in control of Baltimore’s political machine for years. Her father, Thomas, is known by some as the most corrupt mayor in Baltimore’s history... .

 

http://www.americanfreepress.net/html/pelosi_s_trail_215.html

Mon, 11/14/2011 - 17:13 | 1876999 bentaxle
bentaxle's picture

Right. She makes Imelda Marcos look like a saint, (albeit with shoe obsession.)

Mon, 11/14/2011 - 15:46 | 1876533 CosmicBuddha
CosmicBuddha's picture

Monetary system = corrupt

Fractional reserve banking = corrupt

Central banks = corrupt

The Bernank = corrupt

Derivatives markets = corrupt

Paper gold and silver markets = corrupt

 

 

Mon, 11/14/2011 - 15:49 | 1876541 slaughterer
slaughterer's picture

You know what, fuck it, lets just invite a few members of Congress onto CNBC "Fast Money" every week to socialize the gains.  The Congress critters that give the audience the best stock tips get to be re-elected.   I mean, at this point, there is no use putting them in prison, when we can make them useful for something. 

Mon, 11/14/2011 - 16:23 | 1876749 Sabibaby
Sabibaby's picture

That and the fact that they own stock in the Prisons.

Mon, 11/14/2011 - 15:57 | 1876585 Darth..Putter
Darth..Putter's picture

Brokerages=corrupt

Financial Isurance=corrupt

Medical Insurance=corrupt

Awe Heck;

Insurance=corrupt

Equities market=corrupt

Mon, 11/14/2011 - 15:03 | 1876311 HedgeAccordingly
HedgeAccordingly's picture

since the market is dead and headlines are slow.. here are some chicks in lingerie - http://hedge.ly/gFWVSm

Mon, 11/14/2011 - 16:05 | 1876635 nope-1004
nope-1004's picture

Are jeans lingerie?

I know I was told the financial crisis is over, and some have bought it.  But you'll have a hard time selling jeans as lingerie.

 

Mon, 11/14/2011 - 15:13 | 1876366 HelluvaEngineer
HelluvaEngineer's picture

It doesn't matter.  They will ignore the law because they know they won't be prosecuted.

Mon, 11/14/2011 - 14:58 | 1876290 Conrad Murray
Conrad Murray's picture

Take the money back and then hang them.

Mon, 11/14/2011 - 15:42 | 1876510 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1  Great reply!

Mon, 11/14/2011 - 15:58 | 1876592 junkyardjack
junkyardjack's picture

I just watched the 60 minutes report and I want to cry, that show was a joke right? Its not really our government, they must have gotten us mixed up with Nigeria. 

Mon, 11/14/2011 - 14:59 | 1876293 jcaz
jcaz's picture

Worthless unless enforced.....  Typical Congressional masturbation....

Mon, 11/14/2011 - 14:59 | 1876295 vast-dom
vast-dom's picture

Next time the IRS comes knocking ensure your funds offshore and tell 'em congressman banksters et. al rob the coffers and scam ergo SUCK MY BALLS UNKLE SAM and push comes to shove MOVE.

Mon, 11/14/2011 - 15:06 | 1876323 smlbizman
smlbizman's picture

i told you sheep earlier, we gave you martha and that foriegner {2 birds 1 stone} raj raj ..if you arnt satisisfied with that fuck off...see thats the problem with sheep, never satisfied...you must understand we know best, and its best that we rape and rob you to our benefit, so just in case you missed it above....fuck off

 

Mon, 11/14/2011 - 15:45 | 1876526 DoChenRollingBearing
DoChenRollingBearing's picture

Moving only works if you have money and have had the time and energy to set up your nest.

DO NOT confront the IRS.  Never confront the Big Rhino.  Get out of its way, hide in the bushes (off the grid) or move.  DO NOT go mano-a-mano with .gov.  Big Mistake.

Mon, 11/14/2011 - 15:00 | 1876297 williambanzai7
williambanzai7's picture

TIME PELOESKY

Mon, 11/14/2011 - 15:07 | 1876331 Robot Traders Mom
Robot Traders Mom's picture

Nancy Pelosi/Warren Jeffs???

Mon, 11/14/2011 - 15:29 | 1876448 Jena
Jena's picture

Nancy Pelosi/Ivan Boesky = One scary face

Mon, 11/14/2011 - 15:46 | 1876534 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Pelosi alone is scary...  In almost every way...

Mon, 11/14/2011 - 15:31 | 1876455 greenbear
greenbear's picture

Martin Short.

That is an ugly mug.

Mon, 11/14/2011 - 15:32 | 1876463 catch edge ghost
catch edge ghost's picture

I have one word for you, Billy, plastic-green-army-banker-men.

I REALLY want to see the one with the bazooka.

Mon, 11/14/2011 - 15:01 | 1876300 economessed
economessed's picture

Again I ask:  Is this the best congressional government money can buy?

Mon, 11/14/2011 - 15:02 | 1876301 CH1
CH1's picture

Won't make any difference. THEY HOLD THE PURSE!!

Mon, 11/14/2011 - 15:39 | 1876493 bernorange
bernorange's picture

We the people need to demand they pass HR 1098. That would force some responsibility in management of the purse and monetary policy.

Mon, 11/14/2011 - 15:48 | 1876546 DoChenRollingBearing
DoChenRollingBearing's picture

The corrupt have always been among usTM.

Mon, 11/14/2011 - 18:17 | 1877216 Lux Fiat
Lux Fiat's picture

Congress needs to be subject to every law and regulation on the books, just like any regular person or business.  There should be absolutely no exceptions.  And since they make the laws and fund the agencies that create the regulations, any Congress member or staffer found in violation of a law or regulation should be subject to the maximum penalty allowed under said law or regulation.  No discretion.  Period.

Mon, 11/14/2011 - 15:02 | 1876303 Threeggg
Threeggg's picture

Eddie Hobbs on what's really going on over in Italy. MUST WATCH !

http://www.youtube.com/watch?v=kzGJWtYnAdE

WOW !

Mon, 11/14/2011 - 15:58 | 1876588 DoChenRollingBearing
DoChenRollingBearing's picture

@ 3ggg

+ mucho!

That is an excellent video.  One of the takeaways is that the rich in Spain and Italy are fleeing to gold.

Another is that if Italy goes, then it's AMF (my words not his).  Truly must watch, thanks for bringing this to our attention!

Mon, 11/14/2011 - 15:02 | 1876306 cbaba
cbaba's picture

That is what called Occupy Wall Street needs...a proof.

Mon, 11/14/2011 - 15:03 | 1876307 SMG
SMG's picture

I know this is naive, but it's worth a shot.  Here's a link to help you contact your elected rep if you live in the US.

http://www.contactingthecongress.org/

 

 

Mon, 11/14/2011 - 15:20 | 1876399 RichardENixon
RichardENixon's picture

I called my congressman but was told he was too busy working on an insider trade to come to the phone.

Mon, 11/14/2011 - 15:03 | 1876308 semperfi
semperfi's picture

revolution now

Mon, 11/14/2011 - 15:04 | 1876320 CH1
CH1's picture

I prefer "Ditch the institutions and build better things now."

Mon, 11/14/2011 - 16:24 | 1876752 gangland
gangland's picture

you want the kumbaya happy-meal version.

Mon, 11/14/2011 - 19:00 | 1877299 CH1
CH1's picture

Not in the least. I want people to grow spines and start ACTING... ON THEIR OWN.

It takes a lot more guts to do that, than to march out with 20 other guys and shoot.

Mon, 11/14/2011 - 15:03 | 1876310 YesWeKahn
YesWeKahn's picture

Check and balance, LOL

Check: pay check

Balance: positive balance from insider tradings.

Mon, 11/14/2011 - 15:03 | 1876312 billhilly
billhilly's picture

I am going to go back to school and take a course in SPHINCTEROLOGY - the study of Finance and Politics. 

Maybe someday I can be one too ! 

some say, TOO LATE, I already am.

Mon, 11/14/2011 - 15:04 | 1876313 fuu
fuu's picture

You never know when you will need a bit of rope.

Mon, 11/14/2011 - 15:04 | 1876316 Majere
Majere's picture

And the corruption is being exposed in all aspects of life. 

Love it when the CEO and other exec's of the nonprofit I work for gets a 10% raise, but then we all get a 3% because of the economic problems.  

 

Some group needs to get midevil.

Mon, 11/14/2011 - 15:09 | 1876338 topcallingtroll
topcallingtroll's picture

Full evil or nothing.

Mon, 11/14/2011 - 15:05 | 1876321 slaughterer
slaughterer's picture

Pelosi has about 6 stocks in her portfolio, the biggest holding is AAPL.  She is not really a sophisticated trader, but her husband surely is. 

Mon, 11/14/2011 - 15:14 | 1876376 YesWeKahn
YesWeKahn's picture

I remember she wants to raise the ceiling because she didn't want the stocks to fall. Conflict of interest?

Mon, 11/14/2011 - 15:12 | 1876325 bigdumbnugly
bigdumbnugly's picture

just how this has gone for this long without being exposed by tmsm is perfectly indicative of the lapdogness (new word) of the media.

btw, thanks a lot for that pictue, wb7.  now i'll have to sleep with the light on for a few nights until it clears.

Mon, 11/14/2011 - 15:06 | 1876329 scatterbrains
scatterbrains's picture

This is one of the reasons we needed to switch over to electronic voting... too many of you bitches complaining about the status quo.  Eat your gruel bitches and never mind what we do in DC

Mon, 11/14/2011 - 15:07 | 1876334 xcehn
xcehn's picture

Public service:  get rich quick.

Mon, 11/14/2011 - 15:10 | 1876346 riley martini
riley martini's picture

No surpise Ron Pauls name is not on that bill . Do what I say while I help myself to your money.

Mon, 11/14/2011 - 15:50 | 1876553 CrockettAlmanac.com
CrockettAlmanac.com's picture

Please provide evidence in support of your accusation.

Mon, 11/14/2011 - 15:12 | 1876347 economessed
economessed's picture

The Subcommittee on the Constitution shall have jurisdiction over the following subject matters: constitutional amendments, constitutional rights, Federal civil rights, ethics in government, tort liability, including medical malpractice and product liability, legal reform generally, other appropriate matters as referred by the Chairman, and relevant oversight.

112th Congress Subcommittee on the Constitution

H2-362 Ford H.O.B.
Tel: 225-2825

Mr. Franks, Chairman
Mr. Pence, Vice-Chairman

Mr. Chabot

Mr. Nadler

Mr. Forbes

Mr. Quigley

Mr. King

Mr. Conyers

Mr. Jordan

Mr. Scott

Mon, 11/14/2011 - 15:11 | 1876354 NotApplicable
NotApplicable's picture

Why is this CIABS election year psyop on my ZH? 60 Minutes? Really?

What's next, an NYT editorial by Krugman?

Mon, 11/14/2011 - 15:30 | 1876452 Tyler Durden
Tyler Durden's picture

It's medication time

Mon, 11/14/2011 - 15:48 | 1876545 DollarMenu
DollarMenu's picture

From the headline and front page, I half expected to see Karl Denninger as the author.

I guess outrage is appropriate everywhere.

Thanks for the 'medication'; the condition will probably require massive chemo-level doses.

I'm doubtful they will hang up their feedbags any time soon.

 

Mon, 11/14/2011 - 16:15 | 1876689 NotApplicable
NotApplicable's picture

So, I've offended the statist Tyler? LOL

Don't get too disappointed when your political desires fail to get you anything other than disaster. Keep voting though, as it's got to get better any minute now, right? I'm sure Pelosi is just shaking in her shoes, fearful of your attention.

All you're doing is helping to maintain the facade that these criminals are public servants. The more you rage against them, the more you empower the apparatus they use against us all.

Now, were you talking about my medication time, or yours?

Mon, 11/14/2011 - 16:16 | 1876698 Tyler Durden
Tyler Durden's picture

Yours

Mon, 11/14/2011 - 16:27 | 1876772 NotApplicable
Mon, 11/14/2011 - 17:41 | 1877097 saiybat
saiybat's picture

Anarcho capitalism you still have a state; a state of money and money still leads to a parasitic class that ultimately rules. Money is of course at the heart of all the ills in the world. Simply we're fucked and there's nothing that can be done about it at this point.

http://www.q-group.org/archives_folder/pdf/spring2008/ChenBehavioralBias...

They taught monkeys how to use money and so it began. I'm sure within a few generations they'd have start waging war and taking slaves.

Mon, 11/14/2011 - 16:34 | 1876812 DaveyJones
DaveyJones's picture

Yes, we know by Tyler's postings that his main goal is to convince us that the system is working in our interest, working at all and working under a set of reasonable and fair rules... 

Mon, 11/14/2011 - 15:11 | 1876356 TooBearish
TooBearish's picture

NOt gunna happen....wouldnt be prudent...

Mon, 11/14/2011 - 15:12 | 1876357 Eireann go Brach
Eireann go Brach's picture

OWS needs to move their tents and concerns to the front of the congress building in Washington, as that is where the real root of everything corrupt and evil has spawned!

Mon, 11/14/2011 - 15:32 | 1876466 SRV - ES339
SRV - ES339's picture

Well said Mr Koch!

btw... intersting "Pelosi Pile On" since both bills were tabled by Dems... I guess all those (I'm gonna change Washington) TP candidates were too busy counting their stock profits and keeping women safe from Planned Parenthood to do anything about this one...

Mon, 11/14/2011 - 15:55 | 1876574 CrockettAlmanac.com
CrockettAlmanac.com's picture

So, in your opinion, the false dichotomy of left v. right is a good reason to let corrupt politicians (of the blue variety, of course) off the hook. My hat is off to you; it takes real moral courage to take a stand like that.

Mon, 11/14/2011 - 16:44 | 1876852 Mine Is Bigger
Mine Is Bigger's picture

That -- directing OWS people's attention away from banksters and toward politicians -- may be why the 60 Minutes piece was allowed to be aired.

Insider trading is disgusting, but banking fraud does more damage to the world.  We should keep up the pressure on Wall Street.

Mon, 11/14/2011 - 16:57 | 1876926 Panafrican Funk...
Panafrican Funktron Robot's picture

Yes, clearly it is the combined economic prowess of the vast ghetto that is Washington D.C. that has caused money to overflow their pockets. 

Mon, 11/14/2011 - 15:12 | 1876361 riley martini
riley martini's picture

What good would a law acheive when the fascist only use selective enforcement ?

Mon, 11/14/2011 - 15:13 | 1876363 the not so migh...
the not so mighty maximiza's picture

hang her by her nipples and slap her with a dead fish!!!!!

Mon, 11/14/2011 - 15:21 | 1876409 slaughterer
slaughterer's picture

Put Pelosi in the same cell as Raj.  Raj is getting desperate. 

Mon, 11/14/2011 - 15:32 | 1876465 bigdumbnugly
bigdumbnugly's picture

uhhh, prolly not that desperate.   in fact, raj's current cellmate is most likely infinitely preferable.

and if not, rosie palm and her five sisters certainly are.

Mon, 11/14/2011 - 15:13 | 1876364 SilverIsKing
SilverIsKing's picture

This stinks on so many levels.  Now that the cat is out of the bag in the mainstream media, this practice will come to an end.

The key now is for those who traded on insider info to have their trades exposed publicly.

Members of Congress should be forced to make their trades public and then the fun will begin.

Mon, 11/14/2011 - 16:03 | 1876616 CrockettAlmanac.com
CrockettAlmanac.com's picture

If congress members are barred from trading they'll simply pass on inside info to family, friends and the highest bidder. The real problem is not that they use inside info, it's the fact that government has overstepped its bounds and taken over the control of the economy from the market. The inside info is just a fringe benefit.

The market is the voluntary interaction of 300 million Americans doing their own thing in their own time. The market is everything a direct democracy might claim to be and more.

Mon, 11/14/2011 - 16:20 | 1876719 NotApplicable
NotApplicable's picture

Not only that, it's equivalent to locking the barn door after the horses have escaped. This is merely more facade maintenance, in the form of a barrier-to-entry for those politicos not yet "in the club." This is election year fodder, nothing more.

Mon, 11/14/2011 - 21:13 | 1877744 SKY85hawk
SKY85hawk's picture

Read the whole post!  Boner admitted that in the first pass.

Mon, 11/14/2011 - 15:15 | 1876369 alien-IQ
alien-IQ's picture

I stand a better chance of seeing Jessica Alba arrive at my home, drop to her knees and blow me as Jim Morrison rises from the grave to serenade the occasion with a song than I have of ever seeing this bill passed into law.

Mon, 11/14/2011 - 16:05 | 1876636 CrockettAlmanac.com
CrockettAlmanac.com's picture

Morrison would make a really cool vampire.

Mon, 11/14/2011 - 15:19 | 1876371 Dr. Engali
Dr. Engali's picture

I and  my partners have been in this business a long time together. Today during lunch one of them mentioned the 60 minutes piece and asked "is that really legal?" I asked are you seriously asking me that question? He responded with the question "well why is it illegal for us if it's legal for them?" " That's not right.  I responded in stunned dibelief, "surely you know there are two set's of laws..."This type of question is coming from a pretty intelligent and seasoned person,but it just goes to show how naive people are.

Mon, 11/14/2011 - 15:14 | 1876372 The Fonz...befo...
The Fonz...before shark jump's picture

the problem here is the title of the proposed resolution...

HR 1148 just doesnt have that panache....whenever there is a bunch of dogshit that the govt tries to ram down our throats and convince us that it tastes like pumpkin pie...they will tag a name on it...like the "THE PATRIOT ACT"....just to make it more digestable....

HR 1148 needs a name....

Mon, 11/14/2011 - 15:31 | 1876458 c'mon man
c'mon man's picture

"We are sorry, but we really have been pieces of Shit Act"

Mon, 11/14/2011 - 15:14 | 1876374 slewie the pi-rat
slewie the pi-rat's picture

wascawy wabbitz!

Mon, 11/14/2011 - 15:16 | 1876381 americanspirit
americanspirit's picture

It should be called the "Martha Stewart Act"

 

Mon, 11/14/2011 - 15:18 | 1876389 Shizzmoney
Shizzmoney's picture

Eric Cantor and Stephen Bachus (who is anti-poker) have both used Congressional knowledge to inside trade, and Cantor did it towards his own fucking currency.

Fascists who worship the dollar, nothing more. Get the money out. 

Mon, 11/14/2011 - 15:18 | 1876390 AldoHux_IV
AldoHux_IV's picture

This law should've been in place long ago.  It's not surprising the state of affairs and policymaking in this country has evolved into crony capitalism and thus has destroyed the rest of the real economy.

By the way, Ron Paul, this is what another form of crony capitalism looks like.

Mon, 11/14/2011 - 15:18 | 1876391 Paul67
Paul67's picture

All citizens are treated equally before the law it’s just that some citizens (which also includes corporations) are more equal than others.

 

Someone explain to me how the situation above is ‘any’ different than an Oligarchy?

 

Which in sum is one set of rules for the rich and powerful and another set of rules for the other 99%.

Mon, 11/14/2011 - 16:22 | 1876742 NotApplicable
NotApplicable's picture

Explain? Easy.

When I use a word,' Humpty Dumpty said in rather a scornful tone, 'it means just what I choose it to mean — neither more nor less.

Mon, 11/14/2011 - 15:20 | 1876395 junkyardjack
junkyardjack's picture

Please, that's why they are taking the club to the heads of OWS.  This has no chance in hell of passing in our corrupt system.  They want to discredit and shut down the movement before all eyes start turning on them and we see the real criminals of the system.  

Mon, 11/14/2011 - 15:20 | 1876398 holycrooks
holycrooks's picture

Long live CONgress,

Long live Crookbama.

Mon, 11/14/2011 - 15:21 | 1876404 Surly Bear
Surly Bear's picture

I am not a crook.

~Dick Nixon

Mon, 11/14/2011 - 15:23 | 1876418 catch edge ghost
catch edge ghost's picture

Congressional Knowledge.

I mean I get it they want to call it the S.T.O.C.K. Act and feel clever, but that's a real reach.

Mon, 11/14/2011 - 15:43 | 1876514 Argonaught
Argonaught's picture

For Unlawful Congressional Knowledge.  I love that CD...

Mon, 11/14/2011 - 15:25 | 1876429 Shizzmoney
Shizzmoney's picture

I and  my partners have been in this business a long time together. Today during lunch one of them mentioned the 60 minutes piece and said "is that really legal?" I asked are you seriously asking me that question? He responded with the question "well why is it illegal for us if it's legal for them?" " That's not right.  I responded in stunned dibelief, "surely you know there are two set's of laws..."This type of question is coming from a pretty intelligent and seasoned person,but it just goes to show how nave people are.

It is like how economists like Joseph Stiglitz are "in the dark" about the Fed Reserve being a private agency, independent of government. 

Some decide to stay in the dark on purpose, others dont find out until the lights are on.

Mon, 11/14/2011 - 17:28 | 1877054 Panafrican Funk...
Panafrican Funktron Robot's picture

A bit farther down the rabbit hole:

The Fed, the Federal Government (all branches), State/Local Governments, etc., it all flows up to the same place, the oligharchy.  There are no independent entities.  Nothing is independent of the oligharchs.  Nothing.  There may be degrees of dependency, but it's a bit like saying there are degrees of rape.  Yeah, it's true, but at the end of the day, you're still getting raped.  Even those of us amongst the uber-prepared, phys only, bunker/farm/firearms/neighbor network, we all still deep down know that we're participating in the dependency.  You can't escape it.  You can only fight it.  And yes, the fight is ultimately futile, but not fighting is essentially acknowledge that you actually "enjoy the action".  Fuck that.

Mon, 11/14/2011 - 15:43 | 1876431 Zero Govt
Zero Govt's picture

"Congress would never vote in a law to cut off this massive illegal form of funding for itself: "This bill never became law." Well, duh."

 Do Turkeys vote for Christmas?

"...windfalls for congressional and senatorial critters.."

Critters? ....think a mini-me version of Jabba the Hut with bigger teeth chumping a fat smokey cigar and a hand in the cookie jar

Mon, 11/14/2011 - 15:26 | 1876432 I am Jobe
I am Jobe's picture

Why is she not being fucking arrested?

Tue, 11/15/2011 - 14:42 | 1879767 Fozzy Slippers
Fozzy Slippers's picture

May be the Medusa effect. Or the FBI/SS are corrupt ass eaters.

Mon, 11/14/2011 - 15:27 | 1876441 Carlyle Groupie
Carlyle Groupie's picture

Calling all patriots; We need more congressional vegetables!

Mon, 11/14/2011 - 15:28 | 1876443 NuYawkFrankie
NuYawkFrankie's picture

They dont call CONgress the "Millionaires Club" for nothing ;)

Mon, 11/14/2011 - 15:30 | 1876453 fnordfnordfnord
fnordfnordfnord's picture

What do you mean corrupt? What do you mean un-ethical? If it isn't specifically prohibited, then it's okay! Amirite? amirite? I mean come on! The rest of you are just a bunch of sore LOSERS! GET A JOB LOSERS! THIS IS AMERICA! WHERE ANYBODY CAN BE A CONGRESSMAN IF THEY JUST WANT TO BAD ENOUGH!

Mon, 11/14/2011 - 15:32 | 1876459 searcher68
searcher68's picture

re: "The Honorable Nancy Pelosi"...

BWAHAHAHAHAHA!!

Mon, 11/14/2011 - 15:34 | 1876473 Seasmoke
Seasmoke's picture

they should be physically overthrown out of office and at the very least never listened to ever again......do not follow their rules and laws meant to keep you down

Mon, 11/14/2011 - 15:35 | 1876475 Absalon
Absalon's picture

"There is no native criminal class except Congress." - Mark Twain.

 

Any Congressperson or Congressional employee who traded on inside knowledge is a sociopath - period.

Mon, 11/14/2011 - 15:35 | 1876477 Dr. Engali
Dr. Engali's picture

What pisses me off is that their constituents will make excuses for them and not hold them accountable because they are afraid of the boogy man on the other side of the ticket. If people would stop compromising their "principles" and vote these bums out we might clean up some of this mess.

 

On another note. I don't think BAC could possibly trade in a tighter range than it has today. How long before it has a five handle?

Mon, 11/14/2011 - 15:36 | 1876481 trampstamp
trampstamp's picture

What's the saying, "When there is one cockroach, there is more cockroaches in a ditrty kitchen"

Mon, 11/14/2011 - 15:36 | 1876483 FreudianSlip
FreudianSlip's picture

People hand over about 20%-50% of their earnings to an undisclosed group of political hacks and never ask what they do with the money or even have the ability to audit the daily detail transactions.

We have no idea where our money goes but we keep handing it over and big government insiders keep defrauding the system.

 

Mon, 11/14/2011 - 15:40 | 1876496 Carlyle Groupie
Carlyle Groupie's picture

PentiCON:
"Woops, we lost 2.3 trillion dollars, can we have some more?"

CONgress:
"Sure".

www.youtube.com/watch?v=xU4GdHLUHwU

Mon, 11/14/2011 - 15:52 | 1876563 Zero Govt
Zero Govt's picture

Freudian  -  too true. Would we hand our hard-earned over to our neighbour and expect them to spend it wiser than us, spend it more efifciently or for our interests better than us?

Yet we do this with some jerk-off purporting to be a public representative who we don't know from Adam!!

The 'democratic' system is the biggest pile of junk ever devised and a fuking sham. Even the slightly higher IQ Ron Paul voters can't seem to work it out

Mon, 11/14/2011 - 16:12 | 1876675 CrockettAlmanac.com
CrockettAlmanac.com's picture

If Ron Paul were really a good guy he wouldn't speak out against war and torture on the national stage. He'd sit in front of his computer in his PJs typing anonymous messages on the Internet.

Mon, 11/14/2011 - 15:38 | 1876488 SheepDog-One
SheepDog-One's picture

Its just insane that there actually has to be debate in america about a bill which deals with tamping down on insider trading of elected public servants and representatives, totaly insane.

Mon, 11/14/2011 - 16:13 | 1876681 CrockettAlmanac.com
CrockettAlmanac.com's picture

Insane, yes, but entirely consistent.

Mon, 11/14/2011 - 15:40 | 1876497 Josh Randall
Josh Randall's picture

Why is anyone shocked ? Theses are Teflon Dons - drinking from the fountain of uber power, no incentive for them to stop

Mon, 11/14/2011 - 15:42 | 1876512 Jena
Jena's picture

I guess we know why Congressional  and Senate members have been performing so dismally in recent years -- and why they're so desperate to stay.  And also why everyone who goes to Washington D.C. seems to come home far more wealthy than when they went there.  They're far busier managing their stock portfolio than doing the job to which they were elected.  Disappointing, but it fits with how corrupt the rest of the world seems to be these days, doesn't it?

Mon, 11/14/2011 - 15:45 | 1876515 Albertarocks
Albertarocks's picture

NAME: NANCY

Origin: Hebrew ---------  Meaning: Grace, Favour

http://babynamesworld.parentsconnect.com/meaning_of_Nancy.html

 

So Grace Grace enjoys her favours? No shit!  We should have known... it's all in the name ;-)

 

Mon, 11/14/2011 - 16:16 | 1876696 CrockettAlmanac.com
CrockettAlmanac.com's picture

Hi. I'm Great Little One Son of Evergood.

Mon, 11/14/2011 - 17:06 | 1876966 Albertarocks
Albertarocks's picture

Very freaking cool.  Glad to meet you.  I am Gimli son of Gloin.

Mon, 11/14/2011 - 15:44 | 1876522 Sandy15
Sandy15's picture

Congress NEEDS to act on this jerk working behind the scenes to destroy America......

http://sorosfiles.com/soros/

Mon, 11/14/2011 - 15:44 | 1876523 BlackSunshine
BlackSunshine's picture

I started writing some anti congressional diatribe about this, but then realized no one wants to read it, it's all been said before, and nothing will change. I am worn out, and now I'm indifferent.

Politics is bought and paid for, we are just bystandards watching for entertainment.

Mon, 11/14/2011 - 16:19 | 1876716 CrockettAlmanac.com
CrockettAlmanac.com's picture

I've been saying for years that people avoid politics not because they care too little but because they care too much.

Mon, 11/14/2011 - 15:44 | 1876525 Beatscape
Beatscape's picture

One of the GOP candidates needs to take this issue and run with it.  It could be used as break-through that one of the back-of-the-pack GOP candidates needs to get recognition.

It truly is egregious that insider trading is illegal for all citizens except for our corrupt lawmakers--those who have best access to inside information. 

Mon, 11/14/2011 - 18:08 | 1877184 fnordfnordfnord
fnordfnordfnord's picture

...Implying that the red thieves are morally superior to the blue thieves? Nonsense. Besides, the minute one candidate of either party breaks with their party's position they will be ostracized. You ought to know that by now.

Mon, 11/14/2011 - 15:49 | 1876547 common_sense
common_sense's picture

done the law, done the trick

Mon, 11/14/2011 - 15:49 | 1876549 bankonzhongguo
bankonzhongguo's picture

If there was any form of legislative justice in the country, every law passed by congress would be first rolled out ON congress, their families, staff and every federal employee first.

Let those muther truckers be the first (and only) guinea pigs to be molested by TSA, the IRS and Obamacare. See how they like existing under a regime of increasing scrutiny, oppression and confiscation.  We want to see TSA get molested first, before they get to rub their child-molesting hands on our kids. 

Great news TSA.  There are some coaching jobs open at Penn State!

Face it.  The government is losing its legitimacy every week. In all its forms; the executive with its presidential signing orders, the congress with its insider trading and the judiciary for its contemptible sanction that a corporation is a human citizen of the Republic.

Rome is burning and the insiders know (want) it.

If ANY federal "official" came to your home or work making demands for anything, would you have any confidence that they were actually working for the larger benefit of the people?

I would be embarrassed to wear a federal badge in this day and age -  

embarrassed that I work for Beasts that wipe their asses with our American Flag.

Yes.  We are all still waiting for ONE bankster to be punished, or at least not bailed out.

Fuckers.

Mon, 11/14/2011 - 16:20 | 1876728 CrockettAlmanac.com
CrockettAlmanac.com's picture

Like a Roman engineer standing under an arch as the supports are dismantled.

Mon, 11/14/2011 - 15:52 | 1876562 TheAkashicRecord
TheAkashicRecord's picture

Ostracism (from Wiki)

 

The name is derived from the ostraka, (singular ostrakon , ????????), referring to the pottery shards that were used as voting tokens. Broken pottery, abundant and virtually free, served as a kind of scrap paper (in contrast to papyrus, which was imported from Egypt as a high-quality writing surface, and was thus too costly to be disposable).

Each year the Athenians were asked in the assembly whether they wished to hold an ostracism. The question was put in the sixth of the ten months used for state business under the democracy (January or February in the modern Gregorian Calendar). If they voted "yes", then an ostracism would be held two months later. In a section of the agora set off and suitably barriered,[1] citizens scratched the name of a citizen they wished to expel on pottery shards, and deposited them in urns. The presiding officials counted the ostraka submitted and sorted the names into separate piles. The person whose pile contained the most ostraka would be banished, provided that an additional criterion was met, about which there are two contradictory reports:

  • According to Philochorus,[2] the "winner" of the ostracism must have obtained at least 6,000 votes.
  • According to Plutarchus,[3] the ostracism was considered valid if the total number of votes cast was at least 6,000.

The person nominated had ten days to leave the city. If he attempted to return, the penalty was death. Notably, the property of the man banished was not confiscated and there was no loss of status. After the ten years, he was allowed to return without stigma.

Mon, 11/14/2011 - 15:53 | 1876569 Smiddywesson
Smiddywesson's picture

I always thought that ABSCAM made paying off a congressman with an envelope a thing of the past.  I knew they would come up with a better scam. 

Then I heard about how the insider trading rules don't apply to Congress and realized the best way to funnel money to a congressman was to tip him about a penny stock pump and dump, or to a market that was already going to be moved by big money.  I thought I was so smart, until I heard about Hillary's cattle futures trade and realized someone had already thought of it. 

If there cannot be a insider trading crime because of their exemption, you cannot predicate an investigation of their trades.  THAT'S THE ISSUE NOBODY IS TALKING ABOUT, the exemption means that their trades will never be examined, so bribes hidden within the insider trades are invisible to law enforcement.

Mon, 11/14/2011 - 18:44 | 1877279 oldman
oldman's picture

On the nail, Smiddy

No reason to search if there is immunity---just hold'em off with an attorney

But don't you worry about this---this has too far and limits have been breached----

I'm curious about how the universe is going balance this out----through the limits has to mean something      om

Mon, 11/14/2011 - 15:56 | 1876579 markar
markar's picture

"the Honorable Nancy Pelosi"= oxymoron

And her liberal district in SF will keep voting her back in office.

Do NOT follow this link or you will be banned from the site!