Forum Post: Insider Trading and Congress
Posted 13 years ago on Nov. 14, 2011, 9:40 a.m. EST by educardocorrochio
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Very good read on insider trading and Congress. Of all the things accomplished and to be accomplished, I think the changing of this law, or at least bringing it "out in the open," is a worthy undertaking; it's very easy to change things with just the revelation of information:
Does this really surprise anyone? I thought sometime ago (during the budget debate) that these yahoos were only stalling to make more of a pop off of their own investments. Now the real question is why is it not illegal for them when people like Maddoff , Martha Stewart, and many more have gone to jail for the exact same thing. It seems to go against our standards for the legislative branch to be immune to the same standards we hold up for everyone else. In fact I think we would hold elected officials to a higher moral standard if it was a just world. I say impeach all of them. The DOJ needs to really look into this but holder is as big a crook as the rest of em.
Congress should be subject to the same laws as every other citizen of this country. It's a known fact that they are privy to info (through legal and illegal means) that gives them severe advantages when investing. See this is one thing I can agree on with OWS. Maybe if you folks didn't have so many lunatics I might back you but the loonies really make OWS look bad.
"Known" is a very relative term.
Actually eduardo,I watched a news story probably 20 years ago where a former congressman was interviewed. The story was about how our elected officials make money from being in office and insider trading was talked about a lot. The ex-congressman said "If you leave this job and you aren't wealthy you're stupid." I'd say it was known.
I'd say you're incorrect and make too many assumptions:
http://www.zerohedge.com/news/congress-must-immediately-pass-hr-682-stop-trading-congressional-knowledge-act
See the first sentence in the second paragraph; specifically "...which finally exposed to the general public what most experts in the industry have known for many years,..."
Industry information and those learned in the trade, no pun intended, know this, but these individuals aren't the general public and thus not common knowledge.