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#1659601 - 02/02/12 02:09 PM Congressmen use insider info for trading?
HappyGilmore 10K Club Joined: Jun 2004 Posts: 19,858 Pulling people out of the ditc...	Imagine that, members of congress doing something the law forbids everyone else from doing...snipped from Bloomberg Quote: The issue of insider trading by members of Congress has been something of perennial issue. It has never been a big secret that members were allowed to trade on the inside information they glean as part of their jobs. But it exploded as a controversy recently, as the media latched on passionately. 60 Minutes, for example, ran a segment that noted how one respected House member, now the chair of the House Financial Services Committee, bet against the market ahead of the financial crisis of 2008 after receiving dire briefings from top officials at the Fed and the Treasury. The wheels of reform are now turning again. The Stop Trading on Congressional Knowledge Act, the STOCK Act, has been percolating for years in various versions. It’s now on the front burner, as the Senate voted 93-2 to move forward on the Act. Imagine that--there’s bipartisan agreement on the issue. The proposed law would force members of Congress and their staffs to disclose any stock transactions within 30 days. It also prohibits members of Congress from trading based on inside information and sets forth various punishments. The House is moving ahead with its own version and we’ll get a law at some point. _________________________ Providing alternative truths since the invention of time
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#1659618 - 02/02/12 02:17 PM Re: Congressmen use insider info for trading? HappyGilmore
edAudit Power Poster Joined: Jul 2008 Posts: 4,797 You are here	I still do not see how the slezy congressmen and women who were involved with this activity think that this behavior was legal. It would be at minimum be a violation of congressional ethics. As congress is paid they are government employees and subjet to SEC rules. Forfeiture and jail time should be the penalties like the other insider trading violators. _________________________ Opinions can be considered as coming from anywhere but my employer. CAMS
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#1659637 - 02/02/12 02:28 PM Re: Congressmen use insider info for trading? HappyGilmore
HappyGilmore 10K Club Joined: Jun 2004 Posts: 19,858 Pulling people out of the ditc...	Remember the congressional credit union? Banking laws didn't apply to them either _________________________ Providing alternative truths since the invention of time
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#1659638 - 02/02/12 02:41 PM Re: Congressmen use insider info for trading? HappyGilmore
Pale Rider 10K Club Joined: Aug 2002 Posts: 34,318 under the Lone Star	Ms. Pelosi has gotten "richer" doing this, her response is she is doing nothing illegal.... They have given themselves cadillac healthcare and pension benefits, exorbitant expense accounts for food and travel and on and on..... We have allowed them to become like royalty.
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#1659644 - 02/02/12 02:31 PM Re: Congressmen use insider info for trading? HappyGilmore
edAudit Power Poster Joined: Jul 2008 Posts: 4,797 You are here	Why is it not illegal? Because Pelosi said so? Other than a guilty party in this mess who is she? _________________________ Opinions can be considered as coming from anywhere but my employer. CAMS
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#1659658 - 02/02/12 02:50 PM Re: Congressmen use insider info for trading? HappyGilmore
HappyGilmore 10K Club Joined: Jun 2004 Posts: 19,858 Pulling people out of the ditc...	Great, next thing you know, they'll be getting preferential rates on mortgages... _________________________ Providing alternative truths since the invention of time
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#1659673 - 02/02/12 03:02 PM Re: Congressmen use insider info for trading? HappyGilmore
edAudit Power Poster Joined: Jul 2008 Posts: 4,797 You are here	Originally Posted By: HappyGilmore Great, next thing you know, they'll be getting preferential rates on mortgages... Not all of them the only one I can think of off hand is the one who has his name attached to the bill that is going to correct all the ills of the Financial industry. _________________________ Opinions can be considered as coming from anywhere but my employer. CAMS
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#1659752 - 02/02/12 04:11 PM Re: Congressmen use insider info for trading? HappyGilmore
GuitarDude Power Poster Joined: Nov 2004 Posts: 5,925 So Cal	^^^ Congressists _________________________ I've just writed a wrong.
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#1659915 - 02/02/12 06:24 PM Re: Congressmen use insider info for trading? HappyGilmore
Fraudman CFCI Power Poster Joined: Apr 2004 Posts: 3,189 Land of Steady Habits	Well Happy, isn't that what Chris Dodd did?
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#1673835 - 03/06/12 06:11 PM Re: Congressmen use insider info for trading? HappyGilmore
edAudit Power Poster Joined: Jul 2008 Posts: 4,797 You are here	http://www.cbsnews.com/8301-502223_162-57374430/rep-bachus-faces-insider-trading-investigation/?tag=cbsnewsSectionsArea;cbsnewsSectionsArea.7 The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to individuals familiar with the case. Rep. Spencer Bachus (R-Ala.), who holds one of the most influential positions in the House, has been a frequent trader on Capitol Hill, buying stock options while overseeing the nation's banking and financial services industries. Could Pelosi be wrong again? _________________________ Opinions can be considered as coming from anywhere but my employer. CAMS
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#1673865 - 03/06/12 06:43 PM Re: Congressmen use insider info for trading? HappyGilmore
**WW*** Platinum Poster Joined: Feb 2010 Posts: 835	It's not a coincidence that some politicians weren't millionaires when they came into office, but leave office as millionaires. _________________________ Live Like No One Else! CRCM Opinions expressed are my own and do not reflect the views of my employer.
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