Faster horses
Well-known member
- Joined
- Feb 11, 2005
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I heard Shawn Hannity talking about this on his radio show today.
Apparently what would be illegal for us to do re: inside trading, is not illegal for Congress.
Seriously.
I found this comment when doing a search:
"Insider trading by congressmen is legal.. and they refuse to ban it.
I just watched a 60 minutes report on it.
Pelosi bought Visa on its IPO 2 days before congress was going to discuss credit card laws
Baucus bet stocks would go down after being briefed by Bernanke during the financial crisis.
and congress has refused year after year to pass a law banning insider trading by congressmen."
The next national election is now less than a year away and congressmen and senators are expending much of their time and their energy raising the millions of dollars in campaign funds they'll need just to hold onto a job that pays $174,000 a year.
Few of them are doing it for the salary and all of them will say they are doing it to serve the public. But there are other benefits: Power, prestige, and the opportunity to become a Washington insider with access to information and connections that no one else has, in an environment of privilege where rules that govern the rest of the country, don't always apply to them.
When Nancy Pelosi, John Boehner, and other lawmakers wouldn't answer Steve Kroft's questions, he headed to Washington to get some answers about their stock trades.
Most former congressmen and senators manage to leave Washington – if they ever leave Washington – with more money in their pockets than they had when they arrived, and as you are about to see, the biggest challenge is often avoiding temptation.
Play CBS News Video:
http://conservativebyte.com/2011/11/congress-trading-stock-on-inside-information/
Apparently what would be illegal for us to do re: inside trading, is not illegal for Congress.
Seriously.
I found this comment when doing a search:
"Insider trading by congressmen is legal.. and they refuse to ban it.
I just watched a 60 minutes report on it.
Pelosi bought Visa on its IPO 2 days before congress was going to discuss credit card laws
Baucus bet stocks would go down after being briefed by Bernanke during the financial crisis.
and congress has refused year after year to pass a law banning insider trading by congressmen."
The next national election is now less than a year away and congressmen and senators are expending much of their time and their energy raising the millions of dollars in campaign funds they'll need just to hold onto a job that pays $174,000 a year.
Few of them are doing it for the salary and all of them will say they are doing it to serve the public. But there are other benefits: Power, prestige, and the opportunity to become a Washington insider with access to information and connections that no one else has, in an environment of privilege where rules that govern the rest of the country, don't always apply to them.
When Nancy Pelosi, John Boehner, and other lawmakers wouldn't answer Steve Kroft's questions, he headed to Washington to get some answers about their stock trades.
Most former congressmen and senators manage to leave Washington – if they ever leave Washington – with more money in their pockets than they had when they arrived, and as you are about to see, the biggest challenge is often avoiding temptation.
Play CBS News Video:
http://conservativebyte.com/2011/11/congress-trading-stock-on-inside-information/