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Congressional Insider Trading Gone Wild

Tyler Durden's picture





 

Back in May we penned, "Why A Hedge Fund Comprised Of Junior Congressional Democrats Should Outperform The Market By 9%" in which the simple conclusion was that insider trading is not only rampant in Congress, but completely unregulated, as it is perfectly legal for Congressional staffers to trade at their leisure on inside information: an exemption which the beta chasing 2 and 20 crowd on Wall Street would sell their first through fifth born to be granted, now that their glaring inability to generate alpha is laid out for all to see. Tonight we were happy to see that 60 Minutes has finally brought this gross and criminal injustice to the general public, and we expect that Congress will promptly legislate itself into actually complying with laws meant for the mere mortals out there. That said, we fully commiserate with the pathological excrement that makes up House of Representative these days: it is indeed a sad day when a Congressional member has to rely on honest work to make their millions as opposed to perfectly legal trading on inside information predicated upon laws that these very congress men and women legislate. Something tells us all the world's banana republics are just staring at the US with sheer and utter amazement as layer after layer of the unprecedented depravity of American society is exposed for all to see.

From 60 Minutes - the part where Nancy Pelosi's face melts is 9:20 in. And speaking of Nancy Pelosi it may be time to revisit: " Moody's Leaked Again: Told Nancy Pelosi Will "Probably Not" Downgrade US Weeks Ago; Did Her Multi-Millionaire Investor Husband Know Too?" and "SEC To Investigate Trades Based On S&P Downgrade Inside Information"... We wonder just how deep the SEC investigation has penetrated for it to have generated not even a peep 3 months later.

And transcript:

 

 


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Mon, 11/14/2011 - 00:27 | Link to Comment I think I need ...
I think I need to buy a gun's picture

they are already took it all bitchez

Mon, 11/14/2011 - 00:35 | Link to Comment I think I need ...
I think I need to buy a gun's picture

i work my azz off all day long today for 15 hours while this comes on right after football and they make a cool million by simply getting a phone call where to put there fuckin front running money,,,,,and i'm the surf for sitting in front of my fuckin computer all day today working.......fuckin pelosi i can't stand these liars

Mon, 11/14/2011 - 00:41 | Link to Comment unemployable
unemployable's picture

Not merely a nationwide general strike:  what if all the serfs went surfing ... ( ! )

Mon, 11/14/2011 - 01:17 | Link to Comment strannick
strannick's picture

Nancy Pelosi. Democratic friend of the working man and wife of the insider trading front running millionaire.

Mon, 11/14/2011 - 01:42 | Link to Comment Silver Bully
Silver Bully's picture

She's BULLISH!

Mon, 11/14/2011 - 01:51 | Link to Comment c'mon man
c'mon man's picture

..and she reminds me of Madame from Hollywood Squares   c. 1978

Mon, 11/14/2011 - 02:20 | Link to Comment MsCreant
MsCreant's picture

At least with Madame you couldn't see the strings. Here they are all too visible.

Mon, 11/14/2011 - 03:32 | Link to Comment Smithovsky
Smithovsky's picture

SCUM SCUM SCUM

How much longer will we allow them to rape and pillage and destroy this once-great country of ours?

Wake up America, elect Ron Paul.  

http://www.cnbc.com/id/45249857

Mon, 11/14/2011 - 04:14 | Link to Comment Arkadaba
Arkadaba's picture

Actually don't. Vote for a party, vote for a platform or vote for ideas. There is no one person that can turn America around. I think the focus on the POTUS is a drag on democracy.

Mon, 11/14/2011 - 04:28 | Link to Comment bigkahuna
bigkahuna's picture

Actually do. Party line is what has us here. People who vote the party line have us in a false paradigm two party system where both "parties" represent the banking cartel. Now everyone remove head from the butt.

Mon, 11/14/2011 - 04:41 | Link to Comment Arkadaba
Arkadaba's picture

good point.

Mon, 11/14/2011 - 10:01 | Link to Comment TruthHunter
TruthHunter's picture

Vote for a Party?

Which One? Tea?  Libertarian? Republican? Democrat? Socialist? Communist? Anarchist?

I'm really scraping now...

Pox on All Their Houses!

 

It will soon get to the point where the only useful vote is with lead or sharp edges.

Mon, 11/14/2011 - 22:09 | Link to Comment strannick
strannick's picture

Vote with gold and silver.

Mon, 11/14/2011 - 15:52 | Link to Comment HCSKnight
HCSKnight's picture

Well, you're spot on.  But you're also asking a society whose highest ideal is relative ideals and values, to stand for absolute ideals and values.... 

And when there are bloggers like Barry at TheBigPicture, and Matty at RollingStone, focusing on bankers rather than the failure of regulators, politicians, and the virtual abdication by the US people of the principals upon which this country was founded.... you're pretty much f'd.  

Have to say, I'm shocked to see 60 Minutes finally do a piece I find worthy to pass along. 

Mon, 11/14/2011 - 04:15 | Link to Comment Arkadaba
Arkadaba's picture

.

Mon, 11/14/2011 - 02:18 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

I think that Pelosi interview was a stretch.      Oops I think that was a double-entendre.

Mon, 11/14/2011 - 10:29 | Link to Comment Hard1
Hard1's picture

Pelosi is the poster child of what's wrong with America.  This 60 mins piece is a great showcase of how rotten to the bone the system is.  Even if they pass the stock act, this greedy hypocrites (at least the ones in wall street admit that they are motivated by greed) will still use insider inf as that is what they live for.

Mon, 11/14/2011 - 07:34 | Link to Comment smlbizman
smlbizman's picture

fuck you sheep....we gave you martha and raj.....you fuckers are never happy..

Mon, 11/14/2011 - 02:11 | Link to Comment ToNYC
ToNYC's picture

Serfs know better: Surfing sucks; don't try it!

Mon, 11/14/2011 - 01:16 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

Well then, run for office ya dumb ass.     Who's stoppin' ya from reaching the pinnacle of the American Dream?

 

Mon, 11/14/2011 - 01:33 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

350 million americans, 350,000 elected officials - guess everybody can't run for office. Who'd fucking run the country and do the real work?

Mon, 11/14/2011 - 01:37 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

Well he could work under an elected official then.   Or work bent over for an elected official.   Whatever.

Mon, 11/14/2011 - 11:41 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

To the 12 dimwads who junked me you might find a hint it was sarcasm.   Geeze now I gotta go the 'sarc/' route for the slow ones.

( And yes, I feel for the mr. think  guy working his ass off.    But it's endemic as it has always been.   Someone has to work his ass off else we'd be in utopia.   Most of us plebes have been there at some stage in life.) 

Mon, 11/14/2011 - 18:27 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

If you have to explain it, perhaps you should stick to slapstick.

Mon, 11/14/2011 - 01:34 | Link to Comment HyperLazy
HyperLazy's picture

I hear ya Mr I think, for the past two months I have been working up to 80 hours a week. Running up to seven machine tools all by my lonesome. Been putting a serious crimp in my ability to trade on the markets. But seriously, everyone should have already known that DC is on the take in every shape and form... It was confirmed for me by Ronnie Raygun and his gipper squad.

Mon, 11/14/2011 - 02:10 | Link to Comment Michael
Michael's picture

Is there any doubt virtually all the top people running our government are fucking criminals? Thus my avatar with the bandit eyes. Yes that is the real Nancy Pelosi.

One of the main reasons for passing well thought up Bills in congress is to make certain individuals in government a lot of money.

Take the Obama Care Bill, Please.

Mon, 11/14/2011 - 03:13 | Link to Comment Michael
Michael's picture

If you think this is the only kind of investment these Congress Critters make, think again children.

One of the recently installed pillagers named Obama has not done too good on his investments in recent days.

Pray this client is not disappointed.  Good video in this of infamous Glenn Beck. Sometimes he does good work.

Scandal: Obama, Gore, Goldman, Joyce Foundation CCX partners to fleece USA

Continue reading on Examiner.com Scandal: Obama, Gore, Goldman, Joyce Foundation CCX partners to fleece USA - Orlando Orange County Conservative | Examiner.com http://www.examiner.com/orange-county-conservative-in-orlando/scandal-obama-gore-goldman-joyce-foundation-ccx-partners-to-fleece-usa#ixzz1desSTQKF

http://www.examiner.com/orange-county-conservative-in-orlando/scandal-obama-gore-goldman-joyce-foundation-ccx-partners-to-fleece-usa 

 

Mon, 11/14/2011 - 06:26 | Link to Comment disabledvet
disabledvet's picture

phuck football. And all professional sports period. the outcomes are already priced in just like the guaranteed return as mentioned above. why else go after "the little boyz" as part of your "college atmosphere"? they're all part and parcel of the same "doomed people" scenario that even the lowliest floor sweeper is trying to effect now.

Mon, 11/14/2011 - 08:54 | Link to Comment trampstamp
trampstamp's picture

Did you all see the piece last night? it was rebulicans, like boner and other doing it to so lets be clear it wasn't only Pelosi only. I hate the bitch, but seems both sides get their hands in the cookie jar.

Mon, 11/14/2011 - 09:04 | Link to Comment tarsubil
tarsubil's picture

Both sides? Seems like there is only one side.

Mon, 11/14/2011 - 00:42 | Link to Comment trav7777
trav7777's picture

tried to explain this to brazilians in brazil who had this silly notion that brazil was so corrupt and we weren't.  LOL.  The corruption in those places is transparent and unsophisticated.

Our senators live like BILLIONAIRES.  On a fucking salary of $174k.  If this was ANYONE ELSE in this country, the IRS or some other agency would jail them.  Capone and the rest of the mobsters got sent to places like Alcatraz for this shit.

Mon, 11/14/2011 - 01:08 | Link to Comment navy62802
navy62802's picture

That's exactly right. The same corruption that happens in third world countries happens right here in the US. The only difference is that our corruption is more sophisticated and well hidden. The complex bureacracy of government and economy here make it infinitely simple to hide simple corruption. And in some cases (such as this Congressional insider trading shit), the corruption is both widely acknowledged and legal.

Mon, 11/14/2011 - 01:29 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

Look, imagine going to Bunghole Bunga Bunga parties on only $174K a year.      Just think of the quality of skanks you would get in D.C. on that paltry of a salary.   

 

 

Mon, 11/14/2011 - 02:14 | Link to Comment ToNYC
ToNYC's picture

The skanks that don't take the money up front are way cheaper than the ones they marry and take an arm and a leg.

Mon, 11/14/2011 - 02:01 | Link to Comment MrPalladium
MrPalladium's picture

Actually, our corruption is not hidden at all. Unlike the third world, where bribes to police and local judges keep the labor costs of government administration low, U.S. corruption is massive and is written right into the statutes that Congress and the State legislatures pass. While low level corruption is prosecuted, the massive corruption is confined to the very top one hundredth of one percent who have access to the legislative process, where the graft is made legal.

Mon, 11/14/2011 - 06:35 | Link to Comment disabledvet
disabledvet's picture

it's called the media. they lie right to our face. "gee, i wonder what they're doing in their spare time?" it ain't tellin' the truth that's fer sure! it's called "covering it up for money to see." what you've seen here is an exception born of the frustration of losing three wars simulataneously. "whose getting paid for this?" is the natural outgrowth of a society told to it's face "you are devoid of any protection whatsoever. we have killed those people...and killed them right to your face." don't get me wrong. there aren't just good people in DC. There are GREAT people in that town. Finding another Senator McCain however...a man whose father was the Admiral on the ship from whence his son was launched to become a prisoner at the Hanoi Hilton---the system doesn't want those people around. Those people "get it" in every sense of the word. We the American people are now living in the Hanoi Hilton. They've brought that thing right back here..."to us." And to think people still believe "it's about the money." That died decades ago!

Mon, 11/14/2011 - 09:07 | Link to Comment tarsubil
tarsubil's picture

You can not be serious. McCain is a pile of excrement.

Mon, 11/14/2011 - 15:59 | Link to Comment HCSKnight
HCSKnight's picture

As a retired military officer, I wouldnt say McCain is excrement.  But he certainly has proven himself completely unworthy of his stature; he has used his time in Hanoi to leverage the image he wants to create - he willing to f' with medical benefits of retired veterans, but it seems hard for him to find a voice when cutting the benefits of government employees or himself.

This story is only new to MSM, and ZH only figured it out recently; but it is old knowledge for those with any sense of duty to their nation in educating themselves in knowing how their government works.

It must be a truely corrupt situation to have ZH and 60 Min on the same side; still, good to finally have more folks in the fight on this one...

 

Mon, 11/14/2011 - 09:06 | Link to Comment CH1
CH1's picture

The same corruption that happens in third world countries happens right here in the US.

Yes. It happens everywhere. It has always been this way. And, there is a reason:

The (any) State, by its very nature, IS corruption. One group of men who get to use force on everyone else.... corruption.

Mon, 11/14/2011 - 07:30 | Link to Comment BorisTheBlade
BorisTheBlade's picture

Capone, poor sucker, couldn't legislate his crimes. He would be in the Hall of Fame instead of Alcatraz if he could.

Mon, 11/14/2011 - 01:06 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

"Silence you fucking peasants!"      Opening line from the next state of the union speech.

 

Mon, 11/14/2011 - 02:52 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

If you're whining about the overbearing situation on how our reps treat us, then quit your yapping, take your own advice and run for office, bigshot. If you don't succeed then perhaps they can find a place for you working under a desk.

Mon, 11/14/2011 - 04:05 | Link to Comment lunaticfringe
lunaticfringe's picture

Hey give the tough guy shit a rest will ya?

Mon, 11/14/2011 - 07:13 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

WTF? He's handing it out above to I Think I Need and handing out lame advice. Just can't tolerate hypocracy. One minute he's offloading onto some guy who's pissed at the situation and the next he's makes a quip (with which I concur) in support about the ITIN"s position. Schitzo.

 

Mon, 11/14/2011 - 11:20 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

Geeze Al, how long ya been this stupid?    I was being sarcastic.    There, spelled it out for ya.

Tue, 11/15/2011 - 01:53 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

For about as long as you've been doing bad comedy.

Mon, 11/14/2011 - 01:05 | Link to Comment francis_the_won...
francis_the_wonder_hamster's picture

Do you want to hear the best part?  They continue to do this crap even after they leave office.  Most ex-politicians (and especially their spouses), continue to be asked to be on the boards of directors of corporations (you know, those boards that are supposed to make sure the company is operated somewhat honestly and look after shareholder rights?).  This is where the real insider crap comes from.

Wish I could divulge a bit more info on this, but I do know for a fact that a certain former first lady of a very bankrupt state had a very recent run of picking 11 straight big winners in the micro-cap arena.....wasn't an accident.  Again, sorry for being vague......but you all get the point and I just wanted to reinforce that these Mofos haven't slowed down one iota.

I'll post a bit more detail in the next few days if anyone is interested in how this works.  Personally, I find it somewhat fascinating.

Mon, 11/14/2011 - 01:16 | Link to Comment CaptA
CaptA's picture

How much do you think Maria Shriver pulled in on that deal?

Wed, 11/16/2011 - 00:46 | Link to Comment francis_the_won...
francis_the_wonder_hamster's picture

PS....CaptA...it wasn't Shriver.

Mon, 11/14/2011 - 01:31 | Link to Comment Sunshine n Lollipops
Sunshine n Lollipops's picture

It's obvious you need to get this off your chest. I'm listening, francis. Please, do tell.

Mon, 11/14/2011 - 01:35 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

Once you're a Jet, you're a jet all the way

from you 1st cigarette, to your last dying day.

Mon, 11/14/2011 - 01:49 | Link to Comment Harlequin001
Harlequin001's picture

Do tell, please...

Wed, 11/16/2011 - 00:53 | Link to Comment francis_the_won...
francis_the_wonder_hamster's picture

Hello MsCreat,

I've enjoyed many of your posts over the few years I've followed this site.  Thanks for the repost of those rules.....thankfully, most of my confidentitalty issues don't involve an employer as I was smart/lucky enough to escape working for Wall Street and only answer to myself, my clients, and my conscious....in no particular order.

My reluctance from specifics comes from an honest regard for client confidentiality and a very serious paranoia of "big brother".

If I were one of "them", I'd certainly be monitoring ZH.

Mon, 11/14/2011 - 02:05 | Link to Comment knukles
knukles's picture

Do tell, tell me, tell me, tell me, tell me, tell me, tell me, tell me, tell me, come on, tell me, oh plezzzzeeeeeee, pretty pleeze.

Mon, 11/14/2011 - 02:55 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

The first lady from a very bankrupt state......... Shit, you're making it hard. Which of the states is solvent?

Mon, 11/14/2011 - 08:56 | Link to Comment TrafficNotHere
TrafficNotHere's picture

Write it up and give it to the Tylers.

Mon, 11/14/2011 - 11:38 | Link to Comment francis_the_won...
francis_the_wonder_hamster's picture

Ok, I'll try to put something together today that doesn't infringe on any confidentiality.  Apologies for being vague.

Mon, 11/14/2011 - 18:11 | Link to Comment francis_the_won...
francis_the_wonder_hamster's picture

I've been advised to continue to be vague on this subject, so no specifics will be forthcoming.  This also probably isn't really breaking news or very surprising to most readers of ZH.....anyways, here's how it works:

The politicians are very well connected with venture capital firms.  They get their spouses and other relatives named to the boards of many start-up companies, well before they go public.  Quite often they get paid in non-traded stock certificates "in lieu of compensation".  You can get a pretty big portfolio of worthless stocks this way....just ask anyone connected in VC hotbed Santa Barbara or similar places. 

Now that ownership has been established, the politicians are able to direct state and federal monies to these start-up companies, most of which are either wanna-be biotechs or anything "green".  With revenue established the stocks then get listed, usually for under $5/share, and, of course, trade with almost no volume.  When the company has burned through enough of the government grant cash, it's time to unload.  Our heroes will then share their stock "ideas" with their friends which causes a ramp in the price.  (I've been copied on a few of these emails where the clowns weren't smart enough to BCC everyone and the list of recipients is quite interesting).  After the initial investors are mostly out of the stock, they perform some sort of penny-stock touting and the 2nd set of investors (the priveleged friends) can usually make a nice exit. 

Of course, the grants then end and the stock gets relegated to pink sheet status after the founders have made off with enough of the cash.  Quite often, the stock then is used as a shell for other fun and games in the future....but that's another story for another day.

To their credit (and readers of ZH may find this amusing) the SEC has actually been cracking down hard enough on these types of shell and VC scams that most brokerage firms won't even custody the assets any more.....with the notable exception of our good friends at Goldman and Morgan Stanley.  I can say with certainty that Schwab won't do this anymore and Fidelity is scrutinizing these companies very closely.  I am seeing more and more of the VC scam stocks listing over in Europe, mostly on the DAX.

I should also point out that this is very different that the very legitimate real venture capital business, nor is it the same as the normal penny stock scams.  These types of "incubator" companies exist ONLY to be ramped and sold and this would not be possible without the political connections.

Anyways, I hope some of you enjoyed the above and I am sorry to have to paint such a vague picture.

Mon, 11/14/2011 - 20:26 | Link to Comment CaptA
CaptA's picture

Good post - thanks for the update.

Mon, 11/14/2011 - 02:11 | Link to Comment manodedios
manodedios's picture

let it be written, soviet union lasted for 70 years, current form of usa has lived for 40 years, and i don't think it has another 30 years left in it. endgame very soon....

Mon, 11/14/2011 - 02:18 | Link to Comment ToNYC
ToNYC's picture

Like a volcano; it will blow its top to release the pressure from the fire below. Stay way away from the top; it won't be the place to be from.

Mon, 11/14/2011 - 00:28 | Link to Comment Long-John-Silver
Long-John-Silver's picture

These people are the top .0001%

Mon, 11/14/2011 - 01:31 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

Shit.   And then you wonder why people turn to a life of crime.   All they're trying to do is climb the ladder and improve their lives like our elected representatives.

Mon, 11/14/2011 - 00:28 | Link to Comment lizzy36
lizzy36's picture

YES

Mon, 11/14/2011 - 02:35 | Link to Comment RockyRacoon
RockyRacoon's picture

Looks like a good spot to post a previous comment:

...  Everybody wants the political job (perks), but not the consequences of actually DOING the job.   They get to give themselves raises, prevent insider trading from applying to them, investigate their own crimes...   Well, we all know the list.   It's just a country club that keeps raising the membership requirements, and everyone is on the board.   How cute.

Mon, 11/14/2011 - 02:54 | Link to Comment MsCreant
MsCreant's picture

Good to see you, you don't play with us much anymore. Gettin' tired of this I guess. Seems nothing changes, more truth comes out, and the posts just keep confirming just how screwed we are. What to do, what to do?

I find I am now having to actively turn away from it, not because I don't care, but because I can't find balance and function in my day to day if I keep this stuff in the forfront of my consciousness. We seem to be nutjobs if we are too focused on this stuff. Yet it is a white elephant in the room (I was never good at ignoring them, I was the kid who got her ass kicked for talking about the naked emperor too). How did Noah feel building his ark? At least he knew God had talked to him I guess. It's just a story, but still, I take meaning where I can get it from.

Hope you are doing well, I am fond of you (at least as an idea, a set of pixels that communicate beingness). Many of us are good here. Chindit13 kicked some ass down thread. Wish I could gather us up onto that ark... 

Mon, 11/14/2011 - 04:23 | Link to Comment Arkadaba
Arkadaba's picture

Nice to see both of you. In the same mindset but I can't help checking in every once in a while. Keeps me sane.

Mon, 11/14/2011 - 00:35 | Link to Comment Amish Hacker
Amish Hacker's picture

We're nearing the midnight hour in this little masquerade ball, the moment when the masks come off and the PTB no longer even pretend to be benevolent. They don't want peace, they want quiet.

Mon, 11/14/2011 - 01:03 | Link to Comment Hansel
Hansel's picture

Think of the opportunity for insider trading off the upcoming debt "super-committee" report.  Those congressfucks are going to make a boatload.

Mon, 11/14/2011 - 02:20 | Link to Comment ToNYC
ToNYC's picture

But they always need the darkness, if not quiet; white noise will do fine.

Mon, 11/14/2011 - 06:15 | Link to Comment Tompooz
Tompooz's picture

They don't want peace, they want quiet.

And they don't want Law, they want Order.

Mon, 11/14/2011 - 00:37 | Link to Comment monopoly
monopoly's picture

I just watched that piece here on the West Coast and even my bride was amazed at how openly these politicians flaunt the law by exempting themselves from it. How is it possible that Harry Reid who was almost foreclosed on in the 60s is now worth over 3.4 million on a salary of less than $200,000.

He advises he made "good investments". Yup, I am sure he did.

Super job Zero Hedge bringing yet another corrupt cess pool to the forefront by our wonderful Congressmen.

And, in the same vain there are 3 bills in the house that never get acted upon year after year. Guess what they are about.

Yup, reduction in pay, benefits and retirement accounts for House and Senate members. Is there no end to this madness.

Mon, 11/14/2011 - 01:38 | Link to Comment TexasAggie
TexasAggie's picture

so, how do we fix this problem? I don't think we would be worse if 60 days before the Nov elections two registered voters were selected and told to campaign for the job. The one elected would have all of his assets placed in a blind trust, and if at the end of his term (no reelction), he/she is worth more on the day he/she leave office than the day they were elected except for inflation, the ex-congress person is hung, and their family looses everything. They are led of their house naked with no clothes and no money in hte bank.

The congress critters would only do the job of working for the good of the country.

Mon, 11/14/2011 - 08:01 | Link to Comment onthesquare
onthesquare's picture

Dr Shivago, the movie, they just had to look at their hands to know if they would take them out and shoot them.  Probably wasn't the best idea.

Mon, 11/14/2011 - 01:38 | Link to Comment TexasAggie
TexasAggie's picture

so, how do we fix this problem? I don't think we would be worse if 60 days before the Nov elections two registered voters were selected and told to campaign for the job. The one elected would have all of his assets placed in a blind trust, and if at the end of his term (no reelction), he/she is worth more on the day he/she leave office than the day they were elected except for inflation, the ex-congress person is hung, and their family looses everything. They are led of their house naked with no clothes and no money in hte bank.

The congress critters would only do the job of working for the good of the country.

Mon, 11/14/2011 - 02:24 | Link to Comment ToNYC
ToNYC's picture

Transparent voting, no roll calls; all visible in the cloud, downloadable excel format. Cockroaches hate on light for existential reasons.

Mon, 11/14/2011 - 00:36 | Link to Comment UGrev
UGrev's picture

HEY OWS!!! Do you see that building? 

http://en.wikipedia.org/wiki/United_States_Capitol

yes.. that.. one.  It's filled with the filthy rich, 1%'ers..  Now go.. 

Mon, 11/14/2011 - 00:54 | Link to Comment Larry Dallas
Larry Dallas's picture

If I could "UP Arrow" this comment a million fucking times, I would. Well put.

Mon, 11/14/2011 - 01:10 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Larry, I heard that you could "UP Arrow" all night long. At least that was the word around the Beagle.

Mon, 11/14/2011 - 00:36 | Link to Comment Careless Whisper
Careless Whisper's picture

Tonight we were happy to see that 60 Minutes has finally brought this gross and criminal injustice to the general public

Tip. Of. The. Iceberg.

 

Mon, 11/14/2011 - 00:39 | Link to Comment unemployable
unemployable's picture

Precisely.   Why are $100s of millions spent on the Presidency?   

Tip.  Of.  The.   Tophat.

Mon, 11/14/2011 - 01:43 | Link to Comment Silver Bully
Silver Bully's picture

I thought it was the tip of the Titanic. So hard to tell with CONgress these days.

Mon, 11/14/2011 - 00:36 | Link to Comment unemployable
unemployable's picture

yep!  right after she looks at her portfolio statement and declares:  "IT'S BEAUTIFUL!"

Mon, 11/14/2011 - 00:38 | Link to Comment weyes1
weyes1's picture

God Bless America.

 

Mon, 11/14/2011 - 01:00 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

Yes, and sometimes he does it to spite us it seems.

Mon, 11/14/2011 - 01:10 | Link to Comment navy62802
navy62802's picture

U-S-A! U-S-A! U-S-A! U-S-A!

Mon, 11/14/2011 - 00:38 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

Why else would someone spend millions of dollars on their campaign for a job that pays 150k.  Like this is shocking news to anyone.

Mon, 11/14/2011 - 00:38 | Link to Comment williambanzai7
williambanzai7's picture

You are right about the rest of the world staring in disbelief.

Mon, 11/14/2011 - 00:38 | Link to Comment UGrev
UGrev's picture

Well, holy fucking shit.. if I could do this, I wouldn't need to work. 

I remove my consent to be governed by these mother fuckers.. 

Mon, 11/14/2011 - 04:49 | Link to Comment bigkahuna
bigkahuna's picture

Well then, welcome to the truly disenfranchised. Actually it is the 99 percent but very few of the 99 actually realize whats up and even fewer have actually removed their consent. I removed my consent as soon as I figured out that WTC 7 was demolished and 1 and 2 were as well. We sent people to war over this. It is hard to say how angry that makes me.

Mon, 11/14/2011 - 00:39 | Link to Comment c'mon man
c'mon man's picture

This has been going on for so long...suppressed by the media for so long...why now are they allowing 60 min to expose?

Mon, 11/14/2011 - 00:44 | Link to Comment unemployable
unemployable's picture

They are going to turn us into a highly nutritious food paste starting tomorrow

Mon, 11/14/2011 - 01:10 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

The Irish Soylent Green however will not be sold to minors under the age of 21.    

Mon, 11/14/2011 - 01:18 | Link to Comment CaptA
CaptA's picture

I like the nacho cheese flavor paste on Ritz crackers.

Mon, 11/14/2011 - 02:27 | Link to Comment ToNYC
ToNYC's picture

They've already sold your bleedinng eyeballs and are filling your ears with ugly rumors about the World.

Mon, 11/14/2011 - 00:46 | Link to Comment UGrev
UGrev's picture

This is what happens when the minions realize the gig is up and backpeddle to save their own asses. They throw their masters under the bus first and scurry away into a hole in the wall. That's when the building gets burned down and the masses listen to them scream as the flesh melts from their bodies.  

Mon, 11/14/2011 - 00:46 | Link to Comment Dr. Engali
Dr. Engali's picture

Because congress didn't funnel the enough money to the right people. You don't think the press is going to do their job do you? It's payback for Viacom not getting what they want.

Mon, 11/14/2011 - 01:12 | Link to Comment barliman
barliman's picture

 

" ...why now are they allowing 60 min to expose?"

Because this counter balances the "debate" they hosted last night where Scott Pelley smugly grins at Newt Gingrich explaining that the "rule of law" does not cover enemy combatants; where Michelle Bachmann is marginalized hours before the debate and Ron Paul receives a whopping 89 seconds of air time.

Come the Revolution, they plan to parade this as evidence that they were "fair and balanced".

barliman

Mon, 11/14/2011 - 04:38 | Link to Comment Arkadaba
Arkadaba's picture

I see it as a run up to the next election. Obama is going to run as the "everyman" president.

Mon, 11/14/2011 - 00:50 | Link to Comment connda
connda's picture

Generally amoral and illegal go hand-in-hand.  But in this NWO, amoral is just legislated to become legal (and therefore, no longer amoral???).  I'm sure our representatives in Congress sleep well at night knowing they have the righteous high ground, because honestly, what laws have they broken?

But I'm past blaming the clowns in office.  Until the average Joe voter grows a backbone, sacs-up, and kicks his own constituents out of office, and replaces his own lying vermin with individuals who have a moral compass and are not funded by special interests -- well, ain't nothing gonna change.

Well, enough of my opinion, now here's Tyler with the weather.....

Mon, 11/14/2011 - 00:57 | Link to Comment Anonymouse
Anonymouse's picture

I hear you, though I would point out that legal <> moral.

As to the public, yes and no.  They should vote all these clowns out (except perhaps Paul, Paul, and DeMint).  Problem is, the party system essentially guarantees that nothing will change except on the margins.  As I recall, even in 1994, something like 98% of incumbents were re-elected.  That it was less than 99% made it an historic event.

Also, Congress has made all the situaitons so complicated, it is difficult to keep up.

Worse still, to be truly informed, you have to be an expert in multiple areas.  They have us all putting out so many fires that everyone is quickly overwhelmed.

All by design of course.

It has been going on for years, but I think was made worse when the politicians saw how effective Bill Clinton's scandal defense was.

He had so many scandals (some silly, but most quite serious), that people glazed over.  They all ran together and got confusing.  The Lanny Davis's of the world did their best to see that very simple scandals sounded so complex only a wizened judicial scholar of 30-40 years experience could possibly understand them.

The whole impeachment thing was not about sex, it was about perjury.  For the first few days, the media reported it as such.  Even Sam Donaldson reported the first night that it was perjury and that Clinton would not survive the weekend.  But Clinton, Davis, etc. manipulated the ever-pliant media to change the issue to sex.

I don't mean to make this political.  Both sides do it.  But I think it has gotten even worse in the past 15 years.

Mon, 11/14/2011 - 02:34 | Link to Comment dark pools of soros
dark pools of soros's picture

But he played sax and kissed a black baby.

Mon, 11/14/2011 - 01:01 | Link to Comment cherry picker
cherry picker's picture

" Until the average Joe voter grows a backbone, sacs-up, and kicks his own constituents out of office, and replaces his own lying vermin with individuals who have a moral compass and are not funded by special interests -- well, ain't nothing gonna change."

There is no other viable solution.  Before Joe Voter gets a backbone, he has to know what is happening.  I don't think enough of them care to know what is going on right now.  When it starts affecting him or her, then it will happen.

Mon, 11/14/2011 - 04:59 | Link to Comment bigkahuna
bigkahuna's picture

Therin is the essense of the problem. When "joe head up his ass" realizes whats going on, it will be far too late. It is only because joe has planted his own head deep in his own third point that this is the case. 

Mon, 11/14/2011 - 02:54 | Link to Comment Raymond Reason
Raymond Reason's picture

@ connda

That's the thing about morality.  Morality is what is generally practiced and accepted as "tolerable" behavior at any particular place and time in history.  That is to say: "All the guys are doing it."  Or "this is what we've been doing for years...it's how the game is played."  (eventually becomes legal precedent.) Ethics on the other hand, is a universal, timeless understanding of the difference between right and wrong.  Everybody hates ethics and loves morality. 

Mon, 11/14/2011 - 01:05 | Link to Comment Maxter
Maxter's picture

The video seems broken from here.

 

Edit: solved

Mon, 11/14/2011 - 00:55 | Link to Comment caerus
caerus's picture

fuckin cheaters

Mon, 11/14/2011 - 00:59 | Link to Comment Mac1492
Mac1492's picture

at this point good for them ....the world is a vampire im stuck in a 9-5 job and my neck is raw as shit 

Mon, 11/14/2011 - 00:56 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

"pathological excrement"  "unprecedented depravity"  LOL.

Mon, 11/14/2011 - 00:58 | Link to Comment digalert
digalert's picture

Very interesting,

State run CBS attacking one of their own? Pelosi must have wandered too far from the reservation for the PTB to give permission for such an assault. Pelosi was a team player, one of them...wasn't she?

Mon, 11/14/2011 - 01:00 | Link to Comment Mac1492
Mac1492's picture

nothing will come from this

Mon, 11/14/2011 - 01:07 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Got to throw the OWS crowd some red meat.  Did you think it would be Someone from GS?  This is Pelosi's job.

Mon, 11/14/2011 - 01:46 | Link to Comment Silver Bully
Silver Bully's picture

It certainly wasn't someone from GE. They only bring good things to light, and this ain't good. At all.

Mon, 11/14/2011 - 02:10 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Still time to stock up on Chinese 100W bulbs at Walmart.

Mon, 11/14/2011 - 01:00 | Link to Comment Incubus
Incubus's picture

No matter how much we dislike this outcome, it is the only path that can be taken to change anything in this system.  all other avenues of exercising change have been rendered ineffective. They are ceremonious "steam valves" to keep the cattle public docile--with the belief that they hold any power.

 

To change anything this must become violent.  Call me an agitator, or whatever you will--but I am not going to sit here and bullshit nice words of peaceful political movements changing anything.  We know what it comes down to.  It's only a matter of when enough of us have will have had enough.

Mon, 11/14/2011 - 01:01 | Link to Comment Mac1492
Mac1492's picture
100% right 
Mon, 11/14/2011 - 01:44 | Link to Comment quacker
quacker's picture

There is no example in human history of the corrupt plunderers of a society saying "I think I've feathered my nest enough, I'm going to voluntarily stop being corrupt now."

Never happened before. More, always leads to the wanting of yet more. In societies that lack non-debt-fueled growth it is zero-sum, and those winning want to keep on winning no matter how beaten into the dirt the losers become.

Sad but true - history has shown that only killing them puts an end to it.

Mon, 11/14/2011 - 01:08 | Link to Comment bob_dabolina
bob_dabolina's picture

Well don't we have a bunch of angels on this thread that would be as pure as a wind driven snow if they held a public office. 

Mon, 11/14/2011 - 01:17 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Government has been designed to facilitate corruption. The Too Big To Fail system is built on it. Only once in a blue moon will you find a man who is incorruptible despite holding office. Problem is they only let him out of the cigar box for 89 seconds at a time.

Mon, 11/14/2011 - 01:46 | Link to Comment knukles
knukles's picture

That's why the world needs me as its benevolent dictator.

Mon, 11/14/2011 - 02:41 | Link to Comment chindit13
chindit13's picture

You are welcome to call me an idiot or self-righteous, but I have an instance in my past where inside information, if acted upon via options, would have netted me more than 2000x my original investment.  The volume was there to load up if I had chosen to do so, so the expected return is not hypothetical or some economist's assumption.  In the last fifty years there have been only a handful of market opportunities where that degree of return was possible.  I played the good boy, aka sucker, and watched what I knew would happen, happen.  A person with whom I worked, who had the same information and opportunity, also refrained.  Maybe we were mistaken, but we believed then we could have gotten away with it.  We chose not to do it out of a bizarre and naive sense of fairness.

So that's two people right there.  Don't assume that there would not have been many others, even amongst the ZH community.  I might be a pathological cynic, but I think honest people are more common than you might think.

Just don't ask me if I would do it again!  Just kidding;  once a Pollyanna-ish putz, always a Pollyanna-ish putz.

 

Mon, 11/14/2011 - 02:57 | Link to Comment MsCreant
MsCreant's picture

We are out here. It is not self righteousness. It's enacting the world we want to live in. Great post.

Mon, 11/14/2011 - 03:35 | Link to Comment UP Forester
UP Forester's picture

Yeah, not all of us are Boy Scouts.  Some of us are Eagle Scouts.  Who avoided being ass-raped by the Scoutmaster, because he knew our old man would've killed his ass and dropped him in an old mineshaft.  But, I digress....

Mon, 11/14/2011 - 05:06 | Link to Comment bigkahuna
bigkahuna's picture

If he was into buggery then he should have been tossed down a mine shaft anyway.

Mon, 11/14/2011 - 11:04 | Link to Comment MsCreant
MsCreant's picture

Penn State. Thank you sir.

Mon, 11/14/2011 - 01:03 | Link to Comment Seasmoke
Seasmoke's picture

line em up and shoot them.....putting them in jail with armed robbers would be an injustice for the armed robbers

Mon, 11/14/2011 - 01:04 | Link to Comment alien-IQ
alien-IQ's picture

Back in May when I first read that article from ZH, I sent a copy of it to a couple of people. Only two replied and both their replies were "conspiracy theory nonsense".

Today, knowing the subject of the 60 Minutes report, I called them and suggested they watch it. We spoke afterward and I asked "well, what did you think? Another conspiracy theory becomes a conspiracy fact"...And to my astonishment, their reply to be about the program was.."I don't see what the big deal is. So what?"

I feel that is a general consensus...and it is due to that level of apathy that I say...We have the government we deserve.

Nothing will change. It sucks and will continue to suck until there is no more life to suck out of the system or the people.

Sad but true.

Mon, 11/14/2011 - 01:44 | Link to Comment MsCreant
MsCreant's picture

We are finished. Either that or we were a myth and never were. 

GOD DAMMIT!!

Edit: you will forgive my ambiguity marking your post Up or Down, I hope. The facts suck and they are exceedingly relevant. 

Mon, 11/14/2011 - 02:32 | Link to Comment ToNYC
ToNYC's picture

That was a clever way to eliminate a couple of dunces in your life. That's a deal for you if you are quick enough to capture and savor the absence of their presence. Thanks aplenty for the ZH tool.

Mon, 11/14/2011 - 11:34 | Link to Comment RockyRacoon
RockyRacoon's picture

Common folk aren't outraged because they don't really understand the entire scenario.  Since they fail to comprehend, they feign indifference.  It's the easy way out.   All that thought is hard on the brain, and besides, it might challenge their own set of standards and morals.   Best to just dismiss it entirely.

Mon, 11/14/2011 - 01:04 | Link to Comment ColoradoNugget
ColoradoNugget's picture

The congenital inability for Congress to police itself and institute rules to undo the "exception" given to lawmakers on insider trading is now exposed for all to see on the 60 Minutes report.  Will anything be done?  Does anyone care enough to try to weed out this blatant corruption of the system?  That is a good question.

One thing is for sure.  Now I know why so many multimillionaires are in Congress.  Makes it a hell of a lot easier to grow one's wealth when all the trading rules that everyone in the REAL world must abide by doesn't apply to them.  Why do people such as Bob Corker and Darrell Issa hold elective office?  They are each worth hundreds of millions of dollars!  When one considers the "benefits" of the position, now one may have an idea.  And it isn't a GOP or DEM problem....it's the entire system as tonight's report showed with the two most recent Speakers being called out by CBS.  This whole thing is just disgusting. 

Mon, 11/14/2011 - 01:08 | Link to Comment Tom Green Swedish
Tom Green Swedish's picture

I think Rod Blagoevich said it best

“I’ve got this thing and it’s fucking golden, and, uh, uh, I’m just not giving it up for fuckin’ nothing. I’m not gonna do it. And, and I can always use it. I can parachute me there,”

Mon, 11/14/2011 - 01:13 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

"Heh heh heh, he said Rod."

Mon, 11/14/2011 - 01:18 | Link to Comment williambanzai7
williambanzai7's picture

Meet Nancy Beloeski...

 

NANCY BELOESKI

Mon, 11/14/2011 - 02:55 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

Banzai you bastard!    That just gave me acid reflux out the ass!

Mon, 11/14/2011 - 01:35 | Link to Comment X.inf.capt
X.inf.capt's picture

that was scary, billy...

not good right before going to sleep...

well, our occupy______! is going good, some of our kids just got back from oakland.

yep, back to our modern  day VALLEY FORGE!

lots of drilling, getting cold, and the're loving every minute of it....

stay strong OWS, spring will be here soon,......

Mon, 11/14/2011 - 01:48 | Link to Comment MsCreant
MsCreant's picture

At least this one looks natural. The real one is paralyzed in an expressionless botox shock. Thumbs up for the improvement. She should consult you instead of her current cosmetic surgeon. 

Mon, 11/14/2011 - 01:51 | Link to Comment knukles
knukles's picture

Hasn't too much Botox been proven to seriously damage cognitive functions?

Mon, 11/14/2011 - 03:38 | Link to Comment UP Forester
UP Forester's picture

So THAT'S why most Congressmen are brain dead!

Botoxing their balls to get all the wrinkles out so they can pretend to be young boys for other Congressmen!

Mon, 11/14/2011 - 01:19 | Link to Comment Money Squid
Money Squid's picture

Watch the 60 minutes clip, pay special attention to the face quivering, lip twitching when steve croft asks Pelosi and Boehner his questions.

Mon, 11/14/2011 - 01:40 | Link to Comment HyperLazy
HyperLazy's picture

Ya Boner - CRY MOAR

Mon, 11/14/2011 - 01:58 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

I'll take yer word for it.

Mon, 11/14/2011 - 02:17 | Link to Comment dark pools of soros
dark pools of soros's picture

What about that snooty blonde shooting dagger eyes when her beloved Pelosi is under attack??

Mon, 11/14/2011 - 01:20 | Link to Comment XRAYD
XRAYD's picture

At least we have FREEDOM and DEMOCRACY!

Mon, 11/14/2011 - 03:39 | Link to Comment UP Forester
UP Forester's picture

And RAINBOWS of FRUIT FLAVOR!

Mon, 11/14/2011 - 01:22 | Link to Comment radish juice
radish juice's picture

Of course, the more the government meddles in economy, more chances to gather such serendipitous information, and more money to be made, what's not to like about govt interference for the bung holes? no wonder they pass all bills that result in bailouts, regulations etc.

Mon, 11/14/2011 - 01:27 | Link to Comment saiybat
saiybat's picture

Why all the anti establishment news coverage all of a sudden? Until the last several months everything was just fine and dandy. What next is FOX (Exxon) and NBC (General Electric) going to cover the military industrial complex?

Mon, 11/14/2011 - 01:40 | Link to Comment Barbarians_R_Us
Barbarians_R_Us's picture

Why? Election year. Obama, riding in on a white horse, will "fix" the problem, issue or behavior. After three years of dismal failure he needs a few fairly large wins. We will see several of these in the next year. The MSM will be good lapdogs and do their part as the enlighteners of we the ignorant people, thereby setting the stage for a series of Obama triumphs.

Mon, 11/14/2011 - 01:46 | Link to Comment TheMerryPrankster
TheMerryPrankster's picture

A camera in a mirror reveals an infinite set of images each smaller, dimmer, and less clear than the previous. If the Military Industrial Complex engages in public navel gazing it would be similar. Nothing revealed.

The real money is off the table, now they are just working the screws.

Comcast bought NBC (51%) GE (49%)

 

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