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Live Hearing On Whether Insider Trading By Congress Should Be Illegal

Tyler Durden's picture




 

Only in a banana republic would Congress be "forced" to hold hearings on whether to ban itself from illegal (for everyone else) insider trading. Which explains why below readers can watch precisely that, live from the house Committee on Financial Services.The legislation in question relates to bill H.R. 1148, the "Stop Trading on Congressional Knowledge Act." We wonder how long until Congress manages to scuttle this latest effort to keep the playing field between the muppets and everyone else. After all, someone has to leak critical rating agency information (such as the FT's break of a key S&P leak yesterday, or Nancy Pelosi knowing weeks in advance that Moody's would not downgrade the US) to the media and/or trading entities.


From C-Span:

The House Financial Services Committee holds a hearing on congressional
insider trading.  The committee will look into allegations Members have
enriched themselves through legal stock trades based on non-public
information.

Today's hearing will look at a bill that aims to prevent lawmakers from
using information they obtain through work to trade stocks.  A form of
the legislation was originally introduced in the House in 2006.  The
current bill is H.R. 1148, the "Stop Trading on Congressional Knowledge
Act."

The House Ethics Committee sent a memo stating that members of Congress
may be liable as insider traders, whether they obtain nonpublic
information as part of their official duties or outside them.

A recent "60 Minutes" segment focused on financial transactions
involving House Speaker John Boehner (R-OH), Democratic leader Nancy
Pelosi (D-CA) and Rep. Spencer Bachus (R-AL). All three have denied
wrongdoing.

 

WITNESS LIST

Panel I

Panel II

  • Mr. Robert Khuzami, Director, Division of Enforcement, U.S. Securities and Exchange Commission (SEC)

Panel III

 

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Tue, 12/06/2011 - 13:39 | 1951377 camaro68ss
camaro68ss's picture

Just a show for the sheep, nothing more

Tue, 12/06/2011 - 13:42 | 1951396 CPL
CPL's picture

Kangaroo court for the win!!!

 

I hope that Congress finds Congress innocent of all wrong doing regarding insider trading. 

 

Maybe we'll see Senators reviewing senator term limits next time to discover that they should do a study and examination on term limits.

Tue, 12/06/2011 - 13:57 | 1951494 He_Who Carried ...
He_Who Carried The Sun's picture

The funny thing is that they still succeed in making each and everyone believe that this is a democracy... Ridiculous! This is a clear-cut Oligarchy much like Russia! Its actually disturbing how much Russia and the US have in common these days...

Tue, 12/06/2011 - 14:03 | 1951529 macholatte
macholatte's picture

 

Both McCain and Levin, who indicated moments before that they would agree to passage of the measure by unanimous consent, voted against it in that roll-call vote. 

Paul calls Senate’s bluff, kills terrorist detainee amendment

 

http://thehill.com/blogs/floor-action/senate/196943-paul-calls-senates-bluff-kills-terrorist-detainee-amendment-

 

 

 

Tue, 12/06/2011 - 14:09 | 1951573 SilverIsKing
SilverIsKing's picture

I might have no problem with Congress trading on inside information with the caveat that they are required to make public the details of each and every trade.

Tue, 12/06/2011 - 14:22 | 1951662 MillionDollarBonus_
MillionDollarBonus_'s picture

This is just shocking. Who would have thought that esteemed politicians would be involved in this atrocious conduct? The ONLY way to solve this is for Obama to put his foot down and say that ENOUGH IS ENOUGH. We need to create an ANTI-CORRUPTION department, full of smart regulators, to oversee the rest of the government and ensure that there is NO corruption whatsoever.

Tue, 12/06/2011 - 14:23 | 1951665 strannick
strannick's picture

Nancy Pelosi. Wife of the millionaire who trades off her inside info. Then Pelosi gets to put on her best face of indignation when caught red handed by 60 minutes

Tue, 12/06/2011 - 14:29 | 1951704 Seasmoke
Seasmoke's picture

i still wouldnt fuck nancy pelosi for all the inside information in the world !!!!!!

Tue, 12/06/2011 - 14:35 | 1951746 MrBoompi
MrBoompi's picture

Because you're too busy blowing Newt?

Tue, 12/06/2011 - 14:52 | 1951829 Bansters-in-my-...
Bansters-in-my- feces's picture

Seasmoke....

You owe her one,She fucked you up the ass,the least you could do is offer to return the favor.

Do her till you sea smoke.

Tue, 12/06/2011 - 14:34 | 1951744 SheepleLOVEched...
SheepleLOVEcheddarbaybiscuits's picture

anti-corruption? corruption by definition is government intrusion into free markets.....an anti-corruption dept would inherently be corrupt

Tue, 12/06/2011 - 14:43 | 1951788 WhiteNight123129
WhiteNight123129's picture

MDB, I think that at this point focusing on this is just an attempt to discredit the political class which is working over time to save the problems of the US. This is the work of anarchists, hacks and lunatics to focus on these little things. In the meantime, some dangerous people are accumulating Gold in an attempt to destroy the US dollar, those are the real criminals and they should be prosecuted for their actions. Those people take advantage of the misery of the honest citizens putting their faith in the dollar the Fed and the Government, those people are a threat to national security and for their action, their Gold should be confiscated, as per the people in the Congress, the inflation plight which affecting the country could not have been forseen and those people are just trying like everyone else trying to make ends meet, who could blame them for that? The Gold owners are the real threat, who do they think they are to try accumulate power and money at the expense of others, the central bank?

Tue, 12/06/2011 - 14:48 | 1951815 Ceteris paribus
Ceteris paribus's picture

You should be tried for treason.

Tue, 12/06/2011 - 14:55 | 1951839 A Lunatic
A Lunatic's picture

I'd like to see a retraction of the disparaging remarks regarding lunatics.

Tue, 12/06/2011 - 14:56 | 1951852 Bansters-in-my-...
Bansters-in-my- feces's picture

123129...

Fuck you you piece of moldy shit.

Get off your fucking knees.

Tue, 12/06/2011 - 15:30 | 1952045 CPL
CPL's picture

...sigh...look, as an NSA employee you should understand that next year they won't need you.  They won't need any of your spook friends.

 

The squid has other plans for "patriots" for yourselves.  At least you and I and everyone here should be properly destitute by the end of next summer.

 

Good luck "patriot".

Tue, 12/06/2011 - 15:35 | 1952068 MillionDollarBonus_
MillionDollarBonus_'s picture

Quite right. It's just that I hate to see corruption in government, however insignificant. But I know that the vast majority of politicians are caring and honest people, or they never would have been elected in the first place. 

Tue, 12/06/2011 - 16:03 | 1952214 tarsubil
tarsubil's picture

;-D

Tue, 12/06/2011 - 22:19 | 1953448 He_Who Carried ...
He_Who Carried The Sun's picture

Are you trying to be funny or are you trying to be cute?

 

Tue, 12/06/2011 - 17:45 | 1952778 sleepingbeauty
sleepingbeauty's picture

/sarc

 

There fixed.

Wed, 12/07/2011 - 05:21 | 1954107 StychoKiller
StychoKiller's picture

Oooh!  Now, even the trolls are getting trolled! :>D

Tue, 12/06/2011 - 14:44 | 1951798 Ceteris paribus
Ceteris paribus's picture

Thats called the CFTC we have one dunb ass troll.

Tue, 12/06/2011 - 14:10 | 1951586 Badabing
Badabing's picture

When backed into a corner just change the rules!

Tue, 12/06/2011 - 14:52 | 1951830 A Lunatic
A Lunatic's picture

What a fucking charade.

Tue, 12/06/2011 - 15:21 | 1951996 rosiescenario
rosiescenario's picture

True, but the Russian news media does far less white washing than our own....CNBC has far out done what Pravda used to foist off as 'news' during the "cold war".

Tue, 12/06/2011 - 14:08 | 1951568 bernorange
bernorange's picture

Congress needs a working moral compass for Christmas.

www.pmbug.com

Tue, 12/06/2011 - 14:31 | 1951720 Widowmaker
Widowmaker's picture

It's called a shovel, and only works when placed on the head.

Tue, 12/06/2011 - 16:04 | 1952224 tarsubil
tarsubil's picture

It also works if you attempt to cram it into their mouth.

Tue, 12/06/2011 - 14:46 | 1951808 Normalcy Bias
Normalcy Bias's picture

Well, this isn't a 'Blue-Ribbon Panel,' so you know that this is just for show, and we're SOL.

Wed, 03/14/2012 - 03:49 | 2253206 jaffa
jaffa's picture

Presbycusis, the progressive loss of ability to hear high frequencies with increasing age, begins in early adulthood, but does not usually interfere with ability to understand conversation until much later. Although genetically variable it is a normal concomitant of aging and is distinct from hearing losses caused by noise exposure, toxins or disease agents. Thanks.
Regards,
Click Here

Fri, 04/20/2012 - 06:45 | 2360549 jaffa
jaffa's picture

Survival skills were necessary for the sake of both self and community, food needed to be harvested and shelters needed to be maintained. There was little privacy in a community, and people were identified by their social role. Jobs were assigned out of necessity rather than personal choice. Thanks a lot.
Regards,
Fitness Tips

Sun, 07/22/2012 - 01:54 | 2639854 jaffa
jaffa's picture

The implement and enforce the law and provide services to the public, a government's bureaucracy, the military and police are vital. While all these organs of the state are creatures created and bound by law, an independent legal profession and a vibrant civil society inform and support their progress. Thanks.
Regards,
debt management companies

Tue, 12/06/2011 - 13:46 | 1951423 whatsinaname
whatsinaname's picture

And the room was packed full ?

Tue, 12/06/2011 - 13:56 | 1951485 HedgeAccordingly
HedgeAccordingly's picture

ID SAY YES. LEVEL THE PLAYING field - http://hedge.ly/ukZfk0 

Tue, 12/06/2011 - 13:48 | 1951442 DaveyJones
DaveyJones's picture

Is this an Onion headline?

Tue, 12/06/2011 - 13:56 | 1951483 Jay Gould Esq.
Jay Gould Esq.'s picture

+1, Davey.

Tue, 12/06/2011 - 16:47 | 1952514 blu
blu's picture

It's official, see how they got it called the STOCK Act?

There is a department in Congress just for naming shit correctly.

Tue, 12/06/2011 - 14:23 | 1951667 Grinder74
Grinder74's picture

So, as a consultant to IAs, I have to freeze all activity in my brokerage accounts and/or get approval for all activity according to the IA's own compliance rules--otherwise I can consider myself fired. 

Why can't the same rule apply to Congress?

Tue, 12/06/2011 - 15:01 | 1951855 vast-dom
vast-dom's picture

akin to bedoun whore doing "background checks" on prospective "relationships" all while claiming not to be interested in $$$. 

 

Some get what they deserve.....and some get free.......

Tue, 12/06/2011 - 13:40 | 1951384 vegas
vegas's picture

There has to be a "hearing" to get rid of this shit. WTF.

 

http://vegasxau.blogspot.com

Tue, 12/06/2011 - 13:44 | 1951413 Shizzmoney
Shizzmoney's picture

And people wonder why gun sales are going up.

The very fact we must "debate" this shit is unreal!

Tue, 12/06/2011 - 17:33 | 1952729 DosZap
DosZap's picture

Just having the temerity to EVEN consider if this should be allowed tells anyone with half a cerebral cortex that Dorothy and Toto are still in Oz.

WHY, on God's green earth, should you or I go to jail, for this same thing?.

But, for them it's HOKAY?.

No wonder we are melted down  like Fukishima.

Outside of this  blatantly illegal practice for the Serf's, do they not have FAR more important things to be doing?,like zeroing their scopes?.

They need to, as I told my Rep, the barbarians are preparing to storm your gates,wake up!.

Tue, 12/06/2011 - 13:42 | 1951400 jm
jm's picture

Banana republic it is.

Tue, 12/06/2011 - 13:43 | 1951406 CPL
CPL's picture

Putting on my Banana hammock as a show of solidarity.

Tue, 12/06/2011 - 13:47 | 1951439 jm
jm's picture

I wish that these losers could look past their delusions of grandeur and see how voters see them.

Seppuku on the spot.

Tue, 12/06/2011 - 14:24 | 1951551 TrulyBelieving
TrulyBelieving's picture

The voters for years now have asked their politicians to steal from one who has earned and give it to you that hasn't earned. And now those thieving politicians are stealing and giving it to themselves comes as a surprise?  You socialist could never see this coming, blinded by your own sick desires, which are the same as those you vote for.

Tue, 12/06/2011 - 14:29 | 1951696 jm
jm's picture

If it makes you feel better to think that my 12-14 hour days somehow are worthless, then have at it.  The market thinks otherwise. 

I've never taken food stamps or any of the other fine handouts, nor have I ever received a bailout of any kind. I'm net postive in the earning as opposed to taking category.

Tue, 12/06/2011 - 14:57 | 1951764 TrulyBelieving
TrulyBelieving's picture

Not intending anything negative toward you, nothing you posted suggested your view on this matter, but was merely expanding on your point about how voters will look at these corrupt politicians.  

Tue, 12/06/2011 - 13:47 | 1951437 Don Birnam
Don Birnam's picture

The very fact that this is even a question speaks to how far gone this nation and its corrupt governance has become.

In a state where corruption abounds, laws must be very numerous.

- Publius Cornelius Tacitus

 

 

Tue, 12/06/2011 - 13:58 | 1951503 Freddie
Freddie's picture

Run by a muslim too.

Tue, 12/06/2011 - 13:43 | 1951403 green888
green888's picture

you need salary increases, of course

Tue, 12/06/2011 - 13:43 | 1951404 Captain Kink
Captain Kink's picture

This needs a hearing?  Insider trading is illegal, isn't it?  Well for the rest of us anyway...

Tue, 12/06/2011 - 13:50 | 1951450 DaveyJones
DaveyJones's picture

First they will have a hearing to determine the necessity of a further hearing. Their first one failed because no one showed.

Tue, 12/06/2011 - 13:43 | 1951407 VelvetHog
VelvetHog's picture

Just when you think this stuff can't get any more STUPID!!!!!! congress proves you wrong.

Tue, 12/06/2011 - 13:44 | 1951410 jerdog2003
jerdog2003's picture

Let me save them some time..YES! WTF???

 

Tue, 12/06/2011 - 13:45 | 1951416 Conax
Conax's picture

I remember the 1994 contract for America.

In it, they were to make the laws they pass apply to congress.

So here we are again. Observing the blatantly criminal congress in action.

 

Tue, 12/06/2011 - 13:47 | 1951435 Temporalist
Temporalist's picture

Why would someone enter congress if laws actually applied to them?

Tue, 12/06/2011 - 13:55 | 1951482 Conax
Conax's picture

Oh, I don't know.. Full pension plus medical bennies for life after two years of 'service', cushy lobbying job afterward, a little silver plaque somewhere with your name on it. And all they have to do is show up and say 'aye!' or 'nay' once or twice a month. It's rough up there on the hill.

 

Tue, 12/06/2011 - 13:45 | 1951419 Mr. Poon
Mr. Poon's picture

The real issue isn't the members of Congress - whose holdings are frequently reviewed by the press, if no one else - but the members of staff, whose holdings are being reviewed by no one.  And guess who really writes the laws?

Tue, 12/06/2011 - 15:26 | 1952020 rosiescenario
rosiescenario's picture

How many staff members are on expert networks....maybe it would be more easy to count the number that are not?

Tue, 12/06/2011 - 13:45 | 1951422 knukles
knukles's picture

Par for the course:
Somebody get caught.
Hold hearings.
Sound grave.
Debate legislation.
Pass legislation.

Don't mention next to last paragraph, middle sentence:  "Not withstanding anything to the foregoing, such legislation shall not apply to any menber, relative of member, friend, acquaintance, recipient of such information or asshole buddy of any sitting or past member of Congress, in perpetuity, and any actions seemingly in violation of such are hereby considered having been made with impunity and automatically self-pardonable under the full force of law as may be determined from time to time by same individual."

Tue, 12/06/2011 - 13:51 | 1951461 DaveyJones
DaveyJones's picture

golden knuckles

it's what they all deserve

Tue, 12/06/2011 - 14:01 | 1951524 MissCellany
MissCellany's picture

Nah, gold is too malleable. Make 'em titanium.

Tue, 12/06/2011 - 14:32 | 1951731 Badabing
Badabing's picture

Titanium is too light make em tungston

Tue, 12/06/2011 - 13:47 | 1951438 Richard Chesler
Richard Chesler's picture

You don't need to be a genius to figure all these corrupt muppets are long pepper spray.

 

Tue, 12/06/2011 - 13:49 | 1951449 knukles
knukles's picture

Fucking wonder why they're passing laws to stick anybody they deem a suspect of risk in the gulags?

Tue, 12/06/2011 - 13:48 | 1951443 Threeggg
Threeggg's picture

You can tell where this is going by how many people are in the peanut gallery.

Zero !

Tue, 12/06/2011 - 13:50 | 1951447 JustObserving
JustObserving's picture

WTF?  Is that a debatable issue?  What will we discuss next? Whether genocide by Congress should be legal?

Never mind, it's legal.

 

Tue, 12/06/2011 - 13:50 | 1951451 sabra1
sabra1's picture

get your rope here! high quality rope here! high ratings according to nooseweek!

Tue, 12/06/2011 - 14:56 | 1951832 saiybat
saiybat's picture

If this society was sane there'd be a debate on if we should hang the politicians or send them to the firing squad.

Tue, 12/06/2011 - 13:50 | 1951455 Catullus
Catullus's picture

"We should make it illegal.  And then hire someone who will never enforce it."

Tue, 12/06/2011 - 13:50 | 1951457 Threeggg
Threeggg's picture

Just the fact that Congress is fighting to keep this benefit should tell the sleeping masses something !

Well, back to Oprah !

Tue, 12/06/2011 - 13:52 | 1951464 tekhneek
tekhneek's picture

Why did gold and silver just get a boner?

Tue, 12/06/2011 - 13:56 | 1951489 junkyardjack
junkyardjack's picture

Global fiat currency collapse, nothing to see here

Tue, 12/06/2011 - 13:58 | 1951499 Conax
Conax's picture

Because millions of traders, across the western world, just instantly made the same decision at the same moment, across all commodities and PMs, to buy!

(Or that's apparently what we're supposed to grok from this.)

Tue, 12/06/2011 - 14:05 | 1951545 Spastica Rex
Spastica Rex's picture

Something has been telegraphed.

Tue, 12/06/2011 - 15:07 | 1951920 Bansters-in-my-...
Bansters-in-my- feces's picture

Because Timmy had to go blow Benny for a while,so he is away from the computer terminal.

Tue, 12/06/2011 - 13:53 | 1951467 El Viejo
El Viejo's picture

Another dog and pony show where congress gets to (by third party) air the 'reasons' why they can't be held to the same standards as everyone else.

Tue, 12/06/2011 - 13:53 | 1951468 junkyardjack
junkyardjack's picture

Think about how many more bribes Congress will need to take if they can't retire off their illegal stock trades.  I say let them do it, its the best option for the people...

Tue, 12/06/2011 - 13:53 | 1951470 vintageyz
vintageyz's picture

The whole place smells of vinegar and water

Tue, 12/06/2011 - 13:53 | 1951476 redux2redux
redux2redux's picture

The only similarity between our present day Congress and our Founding Fathers is that our Founding Fathers fought against people like this!

Tue, 12/06/2011 - 13:57 | 1951498 junkyardjack
junkyardjack's picture

Our present day Congress thinks the only thing good about those days was people could have slaves

Tue, 12/06/2011 - 13:56 | 1951488 Tsar Pointless
Tsar Pointless's picture

The original 13th amendment to the US Constitution would have rendered many of our legislators throughout the past 150-plus years ineligible.

Go look it up for yourself. I'm busy.

Tue, 12/06/2011 - 14:06 | 1951557 Spastica Rex
Spastica Rex's picture

All you have to do is get creative with your definition of "duly convicted."

Tue, 12/06/2011 - 13:58 | 1951500 No One
No One's picture

yea yeah yeah, and a crazy "republican" will put thrown on a Tax Cut Amendment, or a sycophant "democrat" will put a tax hike on there, and after hours of echo chamber interviews extolling the virtues of their respective amendments the whole bill dies, and Congress can go on insider trading.... shocking, I know.

Tue, 12/06/2011 - 13:58 | 1951502 DavosSherman
DavosSherman's picture

Can't wait to see this vote.  533 to 2 (RP and RP)

Tue, 12/06/2011 - 13:59 | 1951512 swani
swani's picture

Sheeple show! 

Tue, 12/06/2011 - 14:01 | 1951520 eBuddha
eBuddha's picture

how about a hearing to put an end to congress expempting itself from all the laws it passes for the country and perhaps even holding themselves to a higher standard in every regard.

sorry, was dreaming for a bit, how about we just end world hunger - that would be a lot easier.

 

Tue, 12/06/2011 - 14:29 | 1951708 francis_sawyer
francis_sawyer's picture

Solution to END WORLD HUNGER has already been proposed...

http://www.youtube.com/watch?v=P0q4o58pKwA

Tue, 12/06/2011 - 14:01 | 1951521 non_anon
non_anon's picture

just another reason I've never been east of the mississippi

Tue, 12/06/2011 - 14:02 | 1951527 Madcow
Madcow's picture

the financial system is totally dependent upon rampant criminal fraud - else the money supply will "collapse" - the political class spent the 80s, 90s, and 00s corrupting the "public interest" so that the public would go along with all the fraud and corruption.  now that everyone has been made a criminal co-conspirator - and no one wants to see their pension assets or retirement funds go "poof" - we are enthusiastically looking for ways to extend and augment the criminal fraud. 

 

 

Tue, 12/06/2011 - 14:37 | 1951759 Widowmaker
Widowmaker's picture

Mission Accomplished!  Where's a flight suit that fits traitors?

Tue, 12/06/2011 - 14:02 | 1951532 lunar
Tue, 12/06/2011 - 14:02 | 1951534 Racer
Racer's picture

The very heading should be a massive wake up call to the sheeple that they are being fleeced daily

Tue, 12/06/2011 - 14:03 | 1951536 The Deleuzian
The Deleuzian's picture

We should just let them!!!  Follow the $!!!!...Full disclosure though...

Tue, 12/06/2011 - 14:09 | 1951572 junkyardjack
junkyardjack's picture

I'd love if they had to release their positions daily.  I'd just track what they did and head to the beach

Tue, 12/06/2011 - 14:04 | 1951542 Oro
Oro's picture

Look at these people.  They are society within a society.  We need to vote these idiots out of office.  "Public trust", are you kidding!

Tue, 12/06/2011 - 14:06 | 1951553 ratpack1968
ratpack1968's picture

Congress is involved with insider trading? THIS IS AN OUTRAGE....oh wait...gotta go Keeping up with the Kardashians is on.  

Tue, 12/06/2011 - 14:07 | 1951564 twotraps
twotraps's picture

We obviously don't understand the importnant work that is done in order to keep the country running properly....Its not Gods Work but close.

Tue, 12/06/2011 - 14:13 | 1951604 Oro
Oro's picture

My God, Maxine Waters, ask her about her husband!

Tue, 12/06/2011 - 14:16 | 1951628 flacorps
flacorps's picture

In the days when our leaders wore powdered wigs this question would never have come up because the answer is far too obvious.

If Congress doesn't fix it, we'll need a Marat to accuse and a Robespierre and Danton to assure that some heads wind up in baskets.

Tue, 12/06/2011 - 15:04 | 1951903 twotraps
twotraps's picture

heads do wind up in baskets....anyone trying to stop them.  Wrong head.

Tue, 12/06/2011 - 14:18 | 1951639 Oro
Oro's picture

Waters is asking these questions because she has these issues personally.

Tue, 12/06/2011 - 14:22 | 1951661 Kr4sh35
Kr4sh35's picture

No kidding ... Sounds like she has a specific situation in mind/

Tue, 12/06/2011 - 14:28 | 1951694 jcaz
jcaz's picture

Maxine is too dumb to understand any law- she usually has to have stuff read to her multiple times.......

Tue, 12/06/2011 - 14:37 | 1951760 Normalcy Bias
Normalcy Bias's picture

Hell, that gorilla is still wondering whether the Mars Rover is going to find the American Flag that Neil Armstrong planted there...

Tue, 12/06/2011 - 16:35 | 1952443 Taffy Lewis
Taffy Lewis's picture

@Normalcy Bias: No, you are referring to Sheila Jackson Lee of Texas, another mental giant.

Close though; Maxine is the one who went on a pro-abortion march saying she had to because her mother didn't have a chance to get one.

Tue, 12/06/2011 - 17:13 | 1952642 Normalcy Bias
Normalcy Bias's picture

I stand corrected. Ha! They're essentially interchangeable though, aren't they?

Tue, 12/06/2011 - 14:19 | 1951642 Alex Kintner
Alex Kintner's picture

 Wait what?! The needed a hearing to figure this out?

Tue, 12/06/2011 - 14:21 | 1951658 Oro
Oro's picture

My god, we are so screwed with these people.  

Tue, 12/06/2011 - 14:26 | 1951681 Alex Kintner
Alex Kintner's picture

 Ha ha. No one laughed when that numb nuts congress critter told his "Tipper Gore / Tip Oneil" joke. Then he looks perplexed that no one laughed.
 
 Calling Jon Stewart...

Tue, 12/06/2011 - 14:26 | 1951682 Oro
Oro's picture

Mrs. Biggert "covered hopper"; these were tax avoidance schemes, you were leasing rail cars,  when the Fed rate was 80% to 90% in the circa 60s/70s.

Tue, 12/06/2011 - 14:26 | 1951686 Georgesblog
Georgesblog's picture

Insider trading by public officials has always been illegal. All forms of graft, bribery, collusion that compromises regulatory integrity are covered under existing law. The laws would be enforced, back in the days when the United States of America was a nation nof laws. Now, we have Corporatism in a new flavor. Anything goes, as long as the fix is in, with the pol8itically favored people.

http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/

Tue, 12/06/2011 - 14:31 | 1951724 Alex Kintner
Alex Kintner's picture

So "Common law " really just means it only applies to us commoners. I wish they would teach that in skool.

Tue, 12/06/2011 - 14:30 | 1951716 Seasmoke
Seasmoke's picture

there are two ways to be become a millionaire

1. start a small business with multi millions

2. become a congressman

Tue, 12/06/2011 - 14:44 | 1951795 Bansters-in-my-...
Bansters-in-my- feces's picture

"A House committee on Financial Services"....????

I see.

So this is why Jon Corzine gets called in front of the "Agricultural Committee"

Cause the USSA has no "Financial Services Committee I guess..???

Too Fucking Funny.......

If it didn't make me puke...!

Tue, 12/06/2011 - 14:50 | 1951822 erik35
erik35's picture

When the Congress does it, that means it isn't illegal.

Tue, 12/06/2011 - 15:02 | 1951887 jomama
jomama's picture

wait a minute.  a 'hearing' as to 'if'?!

Tue, 12/06/2011 - 15:05 | 1951914 topcallingtroll
topcallingtroll's picture

The insider trading is just one issue.

Selling influence and access to the government is an even bigger problem.

Bill Clinton was getting 50,000 dollars per month from MF Global and John Corzine. No telling how much he and other ex politicians make selling "consulting" services which merely connect peoole to the right regulators and government officials who can do them favors.

Tue, 12/06/2011 - 15:39 | 1952093 blunderdog
blunderdog's picture

No telling how much he and other ex politicians make selling "consulting" services which merely connect peoole to the right regulators and government officials who can do them favors.

Waitaminute, though...you're bringing the entire basis of our government into question with the implication there.

The only way for government to operate is if wealthy corporations and individuals can buy access to the law-making institutions.  You want the asshole voters guiding policy? 

That'd be tyranny of the masses and stuff.  Remember--democracy is bad for business.

Tue, 12/06/2011 - 15:12 | 1951949 rosiescenario
rosiescenario's picture

A modest proposal to help balance the budget: since these elected positions are obviously extremely valuable, they should just be sold to the highest bidder. We can then save all the campaign expenditures and generate a profit from what would normally be an expense. Furthermore, we would also have a better understanding of what these officials were actually motivated to do....things would be far more 'transparent'.

Tue, 12/06/2011 - 15:16 | 1951973 rosiescenario
rosiescenario's picture

Obviously it is not just those elected making money on this 'insider' information....their staff members probably were participating in 'expert networks' and selling this info at a high price.

 

 

Tue, 12/06/2011 - 16:16 | 1952301 besnook
besnook's picture

some congressass will argue that continuation of the present policy is a matter of national security that cannot be revealed and should be hidden from the public.

Tue, 12/06/2011 - 17:16 | 1952653 Sweet Chicken
Sweet Chicken's picture

Seriously, when do we get to hang these mother fuckers!?!?!?!?

Tue, 12/06/2011 - 18:45 | 1952927 Hedge Fund of One
Hedge Fund of One's picture

While they're at it, even if for show, how about the outlawing the whispers from the Fed to select members on Wall Street just before they take action? Though for show, if it's written in law, at some point later, someone could bring an action that would at least embarrass someone, though maybe not shame them or drum them out. Anyway, we can hope can't we? 

:-)

 

Tue, 12/06/2011 - 19:07 | 1952972 fpscod9
fpscod9's picture

,,The Beacon for Freedom, Democracy, and Capitalism,,,LMAO,,,

Tue, 12/13/2011 - 02:45 | 1972977 Sumflow
Sumflow's picture

About one hour and eight minutes into the Senate hearing on insider trading http://www.c-span.org/Events/Congressional-Inside... I think it might have been Robert Walker who told congress why blind trusts are not a workable solution to insider trading. These kinds of trusts cost a lot of money. “They are only blind is so far as .. they are not blind what you put into them initially, they are only blind if you put in cash, or after a period of time the assets are sold down to a particular level, then you are notified that you do not have those any more.” 

So a congressperson can know what is in the trust and legislate to that end. Who exactly is monitoring the communications between the trust owner, and the trust management, who me having thanksgiving dinner together? 

Anyone with half a brain can get around a blind trust. One side of the party is a public figure that can communicate on TV to the trustee with words or gestures, when changes are likely to occur. Who are you going to get to manage the trust? 

The whole concept of a blind trust with a public figure must be some kind of a joke.  
The way to catch congressional insiders is to have real time electronic disclosures of securities trades. Congress constituents can send them back to Washington, or throw them out.  If they fail prompt disclosure like corporate insiders, put them in cuffs.    The pursuit of quality information is merely a good business practice, the crime that can be easily proven is failing to disclose.

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