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Sarah Palin touted as US ambassador to Canada? You betcha!


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1 minute ago, Jaxinjersey said:

You're just extremely misinformed.  I'm actually surprised at your perspective, and gullibility.  Find and read... the Truth.  It's out there.  

Sorry Jax, but the list of abuses by her and her family of tax dollars is readily available for anyone to read. People here always complain about welfare recipients and how bad our system is and how it is taken advantage of by people and how they should be responsible for themselves. Now people here on DV are giving this chick a pass? I guess I will never understand how it works. If Nancy Pelosi or some other democrat abused the system as documented time and again like Palin has, they would be crucified by DV readers, but if Sarah a republican abuses the system she is sexy, cool and smart...

Jax, you constantly ask me to expand on my comments for clarity, would you mind expanding on the acceptance of Palin's record of her fiscal abuse as an elected official?

 

Thanks

B/A

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10 minutes ago, bostonangler said:

Sorry Jax, but the list of abuses by her and her family of tax dollars is readily available for anyone to read. People here always complain about welfare recipients and how bad our system is and how it is taken advantage of by people and how they should be responsible for themselves. Now people here on DV are giving this chick a pass? I guess I will never understand how it works. If Nancy Pelosi or some other democrat abused the system as documented time and again like Palin has, they would be crucified by DV readers, but if Sarah a republican abuses the system she is sexy, cool and smart...

Jax, you constantly ask me to expand on my comments for clarity, would you mind expanding on the acceptance of Palin's record of her fiscal abuse as an elected official?

 

Thanks

B/A

B/A... you supply the facts, and I'll react to them.  I'm assuming you mean her actions while Mayor, and Governor?  I've read the truths behind her actions, and understand the dynamics and reasoning behind them.  There was a genuine proficiency behind her being picked for VP candidacy.  I have not heard of these being contested... other than by the sleazy media, political and lobbyist opponents... etc.

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6 minutes ago, Jaxinjersey said:

B/A... you supply the facts, and I'll react to them.  I'm assuming you mean her actions while Mayor, and Governor?  I've read the truths behind her actions, and understand the dynamics and reasoning behind them.  There was a genuine proficiency behind her being picked for VP candidacy.  I have not heard of these being contested... other than by the sleazy media, political and lobbyist opponents... etc.

 

Feeling a little entitled? You tell me.

 

The ambitious Palin won the Wasilla mayor’s office — after scorching the “tax and spend mentality” of her incumbent opponent. But Carney, Palin’s estranged former mentor, and others in city hall were astounded when they found out about a lavish expenditure of Palin’s own after her 1996 election. According to Carney, the newly elected mayor spent more than $50,000 in city funds to redecorate her office, without the council’s authorization.

“I thought it was an outrageous expense, especially for someone who had run as a budget cutter,” said Carney. “It was also illegal, because Sarah had not received the council’s approval.”

According to Carney, Palin’s office makeover included flocked, red wallpaper. “It looked like a bordello.”

Although Carney says he no longer has documentation of the expenditures, in his recollection Palin paid for the office face-lift with money from a city highway fund that was used to plow snow, grade roads and fill potholes — essential municipal services, particularly in weather-battered Alaska.

Carney confronted Mayor Palin at a City Council hearing, and was shocked by her response.

“I braced her about it,” he said. “I told her it was against the law to make such a large expenditure without the council taking a vote. She said, ‘I’m the mayor, I can do whatever I want until the courts tell me I can’t.'”

 

 Palin's misspending government funds for personal financial benefit emerged from an Associated Press investigation this week. Palin charged taxpayers over $20,000 to pay for her daughters to travel with her to events to which they were not invited, including 64 one-way and 12 round-trip tickets, as well as the girls' own expensive hotel rooms. In all, previous reports have estimated Palin charged taxpayers more than $43,000 in travel expenses for family members.

 

Last year, Alaskan residents received a $1,654 check as a dividend from oil revenues in the state. Now, thanks to an initiative backed by Palin, each Alaskan (including Palin, her husband and children) will get $1,200 more to help pay for energy cost increases. Apparently the almost $10,000 the Palin family received last year wasn't enough to heat their Wasilla lakefront home. 

 

The state is already looking into the possibility of the impropriety in $17,000 of Palin's claim for per diem pay.  The money was apparently paid to her for "travel expenses" incurred on nights she spent at her home in Wasilla, AK.  The money is supposed to be used for when an official travels on state business,

 

 

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TYPICAL LEFTY WHO IS NOTHING MORE THAN A HATER.

WHY DON'T YOU TELL US ALL ABOUT HOW

YOUR DEMENTED LEADER HO'BUMMER DESTROYED AN ENTIRE NATION WHILST SARAH WAS RE-DECORATING HER OFFICE.....

WOW.

THE THINGS YOU COMMIES TRY TO GET AWAY WITH WHILST COMPLETELY IGNORING

YOUR OWN MASSIVE TRANSGRESSIONS AGAINT OUR REPUBLIC !

STANDARD LIE - DENY - DEFLECT

IF SARAH HAS YOU THIS UPSET OVER HER ACTIONS -- WHERE THE HELL WERE YOU WHEN HO'BUMMER WAS

TEARING THIS COUNTRY DOWN TO IT'S STUDS, YOU HATER...?!

 

HE WAS DESTROYING A NATION..... AND YOU GET YOUR PANTIES IN A WAD OVER WHAT SARAH WAS UP TO...?

 

WOW ! YOU'RE SICK, SICK, SICK.

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1 minute ago, SgtFuryUSCZ said:

TYPICAL LEFTY WHO IS NOTHING MORE THAN A HATER.

WHY DON'T YOU TELL US ALL ABOUT HOW

YOUR DEMENTED LEADER HO'BUMMER DESTROYED AN ENTIRE NATION WHILST SARAH WAS RE-DECORATING HER OFFICE.....

WOW.

THE THINGS YOU COMMIES TRY TO GET AWAY WITH WHILST COMPLETELY IGNORING

YOUR OWN MASSIVE TRANSGRESSIONS AGAINT OUR REPUBLIC !

STANDARD LIE - DENY - DEFLECT

IF SARAH HAS YOU THIS UPSET OVER HER ACTIONS -- WHERE THE HELL WERE YOU WHEN HO'BUMMER WAS

TEARING THIS COUNTRY DOWN TO IT'S STUDS, YOU HATER...?!

 

HE WAS DESTROYING A NATION..... AND YOU GET YOUR PANTIES IN A WAD OVER WHAT SARAH WAS UP TO...?

 

WOW ! YOU'RE SICK, SICK, SICK.

Need a tissue?  <_<  Oh....and your "All Caps" button is on.  :lol:

GO RV, then BV

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5 minutes ago, SgtFuryUSCZ said:

TYPICAL LEFTY WHO IS NOTHING MORE THAN A HATER.

WHY DON'T YOU TELL US ALL ABOUT HOW

YOUR DEMENTED LEADER HO'BUMMER DESTROYED AN ENTIRE NATION WHILST SARAH WAS RE-DECORATING HER OFFICE.....

WOW.

THE THINGS YOU COMMIES TRY TO GET AWAY WITH WHILST COMPLETELY IGNORING

YOUR OWN MASSIVE TRANSGRESSIONS AGAINT OUR REPUBLIC !

STANDARD LIE - DENY - DEFLECT

IF SARAH HAS YOU THIS UPSET OVER HER ACTIONS -- WHERE THE HELL WERE YOU WHEN HO'BUMMER WAS

TEARING THIS COUNTRY DOWN TO IT'S STUDS, YOU HATER...?!

 

HE WAS DESTROYING A NATION..... AND YOU GET YOUR PANTIES IN A WAD OVER WHAT SARAH WAS UP TO...?

 

WOW ! YOU'RE SICK, SICK, SICK.

I don't care about Sarah, she is a waste of oxygen.

B/A

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52 minutes ago, bostonangler said:

Sorry Jax, but the list of abuses by her and her family of tax dollars is readily available for anyone to read. People here always complain about welfare recipients and how bad our system is and how it is taken advantage of by people and how they should be responsible for themselves. Now people here on DV are giving this chick a pass? I guess I will never understand how it works. If Nancy Pelosi or some other democrat abused the system as documented time and again like Palin has, they would be crucified by DV readers, but if Sarah a republican abuses the system she is sexy, cool and smart...

Jax, you constantly ask me to expand on my comments for clarity, would you mind expanding on the acceptance of Palin's record of her fiscal abuse as an elected official?

 

Thanks

B/A

Forget Pelosi, Here's The Most Stunning Detail From The Congressional Insider Trading Report

grace-wyler.jpg
  • Nov. 14, 2011, 12:00 PM
  • 29,860

spencer bachus

Washington is buzzing about last night's 60 Minutes report that revealed the startling frequency with which members of Congress financially benefit from inside information they get as legislators.

Most of the focus has been on the ethically questionable trading of House Speaker John Boehner and House Minority Leader Nancy Pelosi, the two highest-ranking and most-visible members of the House.

But the most shocking revelation actually concerns a lesser-known Congressman, Rep. Spencer Bachus, who shorted the market as the economy collapsed in 2008, at the same time that he was the ranking member of the House Financial Services Committee. 

The 60 Minutes report just touched on the Bachus trades. Luckily, the new book on which the broadcast was based has more details.

Slate's Dave Weigel got an early copy of the book, Throw Them All Out by Hoover Institute fellow Peter Schweizer, and the evidence is pretty damning. According to Schweizer, Bachus and Pelosi got secret briefings from Fed Chair Ben Bernanke and Treasury Secretary Hank Paulson, who basically told the legislators that it was "a matter of days before there is a meltdown in the global financial system.”

 

 

From the book, via Weigel:

The next day, September 19, Congressman Bachus bought contract options on Proshares Ultra-Short QQQ, an index fund that seeks results that are 200% of the inverse of the Nasdaq 100 index. In other words, he was shorting the market. It was an inexpensive way to bet that the market would fall. He bought options for $7,846 on a day when the Dow Jones Industrial Average opened at 8,604. A few days later, on September 23, after the market had indeed fallen, he sold the options for over $13,000 and nearly doubled his money.

And that's only the beginning. After Paulson got a tip from General Electric about slow bond sales, Bachus shorted GE four times — in all, Weigel reports that Schweizer found "no less than forty options trades" in Bachus's records between July 2008 and November 2008.

--------------------------------------------------

And what came out of all this investigation into the enrichment of the politicians??

They passed a law making it ok for them to trade on insider secrets - because, they're above the law, don't you know?

Congress: Trading stock on inside information?

Steve Kroft reports that members of Congress can legally trade stock based on non-public information from Capitol Hill

  • 2012 Jun 11
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Editor's Note: The report "Insiders" received quite a reaction the week after it aired. Democratic Congresswoman Nancy Pelosi's office called the report a "right-wing smear." While Republican Speaker John Boehner's office called his inclusion in the story "idiotic." But now, at least 93 members of Congress have signed on as cosponsors of the Stock Act, and for the first time the bill has been introduced in the Senate.

 

Washington, D.C. is a town that runs on inside information - but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it's time for the law to change.


The following is a script of "Insiders" which aired on Nov. 13, 2011. Steve Kroft is correspondent, Ira Rosen and Gabrielle Schonder, producers.

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.

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.

Peter Schweizer: This is a venture opportunity. This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family.

Peter Schweizer is a fellow at the Hoover Institution, a conservative think tank at Stanford University. A year ago he began working on a book about soft corruption in Washington with a team of eight student researchers, who reviewed financial disclosure records. It became a jumping off point for our own story, and we have independently verified the material we've used.

 

Schweizer says he wanted to know why some congressmen and senators managed to accumulate significant wealth beyond their salaries, and proved particularly adept at buying and selling stocks.

Schweizer: There are all sorts of forms of honest grafts that congressmen engage in that allow them to become very, very wealthy. So it's not illegal, but I think it's highly unethical, I think it's highly offensive, and wrong.

Steve Kroft: What do you mean honest graft?

Schweizer: For example insider trading on the stock market. If you are a member of Congress, those laws are deemed not to apply.

Kroft: So congressman get a pass on insider trading?

Schweizer: They do. The fact is, if you sit on a healthcare committee and you know that Medicare, for example, is-- is considering not reimbursing for a certain drug that's market moving information. And if you can trade stock on-- off of that information and do so legally, that's a great profit making opportunity. And that sort of behavior goes on.

Kroft: Why does Congress get a pass on this?

Schweizer: It's really the way the rules have been defined. And the people who make the rules are the political class in Washington. And they've conveniently written them in such a way that they don't apply to themselves.

The buying and selling of stock by corporate insiders who have access to non-public information that could affect the stock price can be a criminal offense, just ask hedge fund manager Raj Rajaratnam who recently got 11 years in prison for doing it. But, congressional lawmakers have no corporate responsibilities and have long been considered exempt from insider trading laws, even though they have daily access to non-public information and plenty of opportunities to trade on it.

 

Schweizer: We know that during the health care debate people were trading health care stocks. We know that during the financial crisis of 2008 they were getting out of the market before the rest of America really knew what was going on.

In mid September 2008 with the Dow Jones Industrial average still above ten thousand, Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were holding closed door briefings with congressional leaders, and privately warning them that a global financial meltdown could occur within a few days. One of those attending was Alabama Representative Spencer Bachus, then the ranking Republican member on the House Financial Services Committee and now its chairman.

Schweizer: These meetings were so sensitive-- that they would actually confiscate cell phones and Blackberries going into those meetings. What we know is that those meetings were held one day and literally the next day Congressman Bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the Fed chairman and treasury secretary. I mean, talk about a stock tip.

 

While Congressman Bachus was publicly trying to keep the economy from cratering, he was privately betting that it would, buying option funds that would go up in value if the market went down. He would make a variety of trades and profited at a time when most Americans were losing their shirts.

 

Congressman Bachus declined to talk to us, so we went to his office and ran into his Press Secretary Tim Johnson. ...

Can't get to the rest of the story ... http://www.cbsnews.com/news/congress-trading-stock-on-inside-information/

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1 minute ago, BJinMontreal said:

Forget Pelosi, Here's The Most Stunning Detail From The Congressional Insider Trading Report

grace-wyler.jpg
  • Nov. 14, 2011, 12:00 PM
  • 29,860

spencer bachus

Washington is buzzing about last night's 60 Minutes report that revealed the startling frequency with which members of Congress financially benefit from inside information they get as legislators.

Most of the focus has been on the ethically questionable trading of House Speaker John Boehner and House Minority Leader Nancy Pelosi, the two highest-ranking and most-visible members of the House.

But the most shocking revelation actually concerns a lesser-known Congressman, Rep. Spencer Bachus, who shorted the market as the economy collapsed in 2008, at the same time that he was the ranking member of the House Financial Services Committee. 

The 60 Minutes report just touched on the Bachus trades. Luckily, the new book on which the broadcast was based has more details.

Slate's Dave Weigel got an early copy of the book, Throw Them All Out by Hoover Institute fellow Peter Schweizer, and the evidence is pretty damning. According to Schweizer, Bachus and Pelosi got secret briefings from Fed Chair Ben Bernanke and Treasury Secretary Hank Paulson, who basically told the legislators that it was "a matter of days before there is a meltdown in the global financial system.”

 

 

From the book, via Weigel:

The next day, September 19, Congressman Bachus bought contract options on Proshares Ultra-Short QQQ, an index fund that seeks results that are 200% of the inverse of the Nasdaq 100 index. In other words, he was shorting the market. It was an inexpensive way to bet that the market would fall. He bought options for $7,846 on a day when the Dow Jones Industrial Average opened at 8,604. A few days later, on September 23, after the market had indeed fallen, he sold the options for over $13,000 and nearly doubled his money.

And that's only the beginning. After Paulson got a tip from General Electric about slow bond sales, Bachus shorted GE four times — in all, Weigel reports that Schweizer found "no less than forty options trades" in Bachus's records between July 2008 and November 2008.

--------------------------------------------------

And what came out of all this investigation into the enrichment of the politicians??

They passed a law making it ok for them to trade on insider secrets - because, they're above the law, don't you know?

Congress: Trading stock on inside information?

Steve Kroft reports that members of Congress can legally trade stock based on non-public information from Capitol Hill

  • 2012 Jun 11
  • Comments
  • Facebook
  • Twitter
  • Stumble
  • More +

Editor's Note: The report "Insiders" received quite a reaction the week after it aired. Democratic Congresswoman Nancy Pelosi's office called the report a "right-wing smear." While Republican Speaker John Boehner's office called his inclusion in the story "idiotic." But now, at least 93 members of Congress have signed on as cosponsors of the Stock Act, and for the first time the bill has been introduced in the Senate.

 

Washington, D.C. is a town that runs on inside information - but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it's time for the law to change.


The following is a script of "Insiders" which aired on Nov. 13, 2011. Steve Kroft is correspondent, Ira Rosen and Gabrielle Schonder, producers.

 

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.

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.

Peter Schweizer: This is a venture opportunity. This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family.

Peter Schweizer is a fellow at the Hoover Institution, a conservative think tank at Stanford University. A year ago he began working on a book about soft corruption in Washington with a team of eight student researchers, who reviewed financial disclosure records. It became a jumping off point for our own story, and we have independently verified the material we've used.

 

Schweizer says he wanted to know why some congressmen and senators managed to accumulate significant wealth beyond their salaries, and proved particularly adept at buying and selling stocks.

Schweizer: There are all sorts of forms of honest grafts that congressmen engage in that allow them to become very, very wealthy. So it's not illegal, but I think it's highly unethical, I think it's highly offensive, and wrong.

Steve Kroft: What do you mean honest graft?

Schweizer: For example insider trading on the stock market. If you are a member of Congress, those laws are deemed not to apply.

Kroft: So congressman get a pass on insider trading?

Schweizer: They do. The fact is, if you sit on a healthcare committee and you know that Medicare, for example, is-- is considering not reimbursing for a certain drug that's market moving information. And if you can trade stock on-- off of that information and do so legally, that's a great profit making opportunity. And that sort of behavior goes on.

Kroft: Why does Congress get a pass on this?

Schweizer: It's really the way the rules have been defined. And the people who make the rules are the political class in Washington. And they've conveniently written them in such a way that they don't apply to themselves.

The buying and selling of stock by corporate insiders who have access to non-public information that could affect the stock price can be a criminal offense, just ask hedge fund manager Raj Rajaratnam who recently got 11 years in prison for doing it. But, congressional lawmakers have no corporate responsibilities and have long been considered exempt from insider trading laws, even though they have daily access to non-public information and plenty of opportunities to trade on it.

 

Schweizer: We know that during the health care debate people were trading health care stocks. We know that during the financial crisis of 2008 they were getting out of the market before the rest of America really knew what was going on.

In mid September 2008 with the Dow Jones Industrial average still above ten thousand, Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were holding closed door briefings with congressional leaders, and privately warning them that a global financial meltdown could occur within a few days. One of those attending was Alabama Representative Spencer Bachus, then the ranking Republican member on the House Financial Services Committee and now its chairman.

Schweizer: These meetings were so sensitive-- that they would actually confiscate cell phones and Blackberries going into those meetings. What we know is that those meetings were held one day and literally the next day Congressman Bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the Fed chairman and treasury secretary. I mean, talk about a stock tip.

 

While Congressman Bachus was publicly trying to keep the economy from cratering, he was privately betting that it would, buying option funds that would go up in value if the market went down. He would make a variety of trades and profited at a time when most Americans were losing their shirts.

 

Congressman Bachus declined to talk to us, so we went to his office and ran into his Press Secretary Tim Johnson. ...

Can't get to the rest of the story ... http://www.cbsnews.com/news/congress-trading-stock-on-inside-information/

Perfect.... This speaks to my point... They are all criminals, and yet people here give them a pass when it works for them. I have said it many times... Vote them all out... Term limits. Prosecute the guilty.

 

B/A

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1 minute ago, SgtFuryUSCZ said:

If either of you two indoctrinated tools had ANY idea what truly constitutes a 'Patriot',

neither of you would dare be the lefty kommies you are. You'd be hung by your own evil kind.

A True American Patriot, or truly FREE human being does not think / act like either of you.

A true patriot doesn't take advantage of the people who voted them in... Ie: Sarah Palin wasting tax dollars on her family... Don't cut her slack, call her out on being a thief.

 

B/A

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5 minutes ago, bostonangler said:

A true patriot doesn't take advantage of the people who voted them in... Ie: Sarah Palin wasting tax dollars on her family... Don't cut her slack, call her out on being a thief.

Well, if we see you at the RV after Party, we'll be happy to get her on the phone for you and you can be sure to tell her that...

along with all the other things you've so brazenly said about her here today....

Then we'll get our local Police Station on the line up there for ya and you can tell them to go arrest her, as you're filing formal charges against her.

Seeing as how YOU'RE the final authority on justice when it comes to Conservatives, depending on how that goes,

we'll stand by whilst you go after all the kommi-crats on your side of the fence who've behaved badly and escaped your justice.

 

.

 

Edited by SgtFuryUSCZ
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9 minutes ago, SgtFuryUSCZ said:

If either of you two indoctrinated tools had ANY idea what truly constitutes a 'Patriot',

neither of you would dare be the lefty kommies you are. You'd be hung by your own evil kind.

A True American Patriot, or truly FREE human being does not think / act like either of you.

Are you insinuating they act like you?  :lol:

GO RV, then BV

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Congress Quickly And Quietly Rolls Back Insider Trading Rules For Itself

from the can't-mess-with-the-profits dept

In November of 2011, the TV show 60 Minutes did a big expose on insider trading within Congress. While everyone else is subject to basic insider trading rules, it turned out that members of Congress were exempt from the rules. And, as you would imagine, many in Congress have access to market-moving, non-public information. And they made use of it. To make lots and lots of money. Of course, after that report came out and got lots of attention, Congress had to act, and within months they had passed the STOCK Act with overwhelming support in Congress to make insider trading laws that apply to everyone else finally apply to Congress and Congressional staffers as well. As that link notes:
The lopsided votes showed lawmakers desperate to regain public trust in an election year, when the public approval rating of Congress has sunk below 15 percent.
Of course, here we are in 2013 and, lo and behold, it is no longer an election year. And apparently some of the details of the ban on insider trading were beginning to chafe Congressional staffers, who found it hard to pad their income with some friendly trades on insider knowledge.

So... with very little fanfare, Congress quietly rolled back a big part of the law late last week. Specifically the part that required staffers to post disclosures about their financial transactions, so that the public could make sure there was no insider trading going on. Congress tried to cover up this fairly significant change because they, themselves, claimed that it would pose a "national risk" to have this information public. A national risk to their bank accounts.

It was such a national risk that Congress did the whole thing quietly, with no debate. The bill was introduced in the Senate on Thursday and quickly voted on late that night when no one was paying attention. Friday afternoon (the best time to sneak through news), the House picked it up by unanimous consent. The House ignored its own promise to give Congress three days to read a bill before holding a vote, because this kind of thing is too important to let anyone read the bill before Congress had to pass it.

And, of course, yesterday, President Obama signed it into law. Because the best way to rebuild trust in Congress, apparently, is to roll back the fact that people there need to obey the same laws as everyone else. That won't lead the public to think that Congress is corrupt. No, not at all.
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1 minute ago, BJinMontreal said:

Congress Quickly And Quietly Rolls Back Insider Trading Rules For Itself

from the can't-mess-with-the-profits dept

In November of 2011, the TV show 60 Minutes did a big expose on insider trading within Congress. While everyone else is subject to basic insider trading rules, it turned out that members of Congress were exempt from the rules. And, as you would imagine, many in Congress have access to market-moving, non-public information. And they made use of it. To make lots and lots of money. Of course, after that report came out and got lots of attention, Congress had to act, and within months they had passed the STOCK Act with overwhelming support in Congress to make insider trading laws that apply to everyone else finally apply to Congress and Congressional staffers as well. As that link notes:
The lopsided votes showed lawmakers desperate to regain public trust in an election year, when the public approval rating of Congress has sunk below 15 percent.
Of course, here we are in 2013 and, lo and behold, it is no longer an election year. And apparently some of the details of the ban on insider trading were beginning to chafe Congressional staffers, who found it hard to pad their income with some friendly trades on insider knowledge.

So... with very little fanfare, Congress quietly rolled back a big part of the law late last week. Specifically the part that required staffers to post disclosures about their financial transactions, so that the public could make sure there was no insider trading going on. Congress tried to cover up this fairly significant change because they, themselves, claimed that it would pose a "national risk" to have this information public. A national risk to their bank accounts.

It was such a national risk that Congress did the whole thing quietly, with no debate. The bill was introduced in the Senate on Thursday and quickly voted on late that night when no one was paying attention. Friday afternoon (the best time to sneak through news), the House picked it up by unanimous consent. The House ignored its own promise to give Congress three days to read a bill before holding a vote, because this kind of thing is too important to let anyone read the bill before Congress had to pass it.

And, of course, yesterday, President Obama signed it into law. Because the best way to rebuild trust in Congress, apparently, is to roll back the fact that people there need to obey the same laws as everyone else. That won't lead the public to think that Congress is corrupt. No, not at all.

Yup I personally did a campaign for a congressman who was working class when he ran and won... Four years later I did his next campaign and he was a millionaire. They are crooks and take advantage of insider info... I can show you local politicians who knew an exit was going to be approved along the interstate 5 years before anyone else, and they bought out the poor people cheap and made millions.

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