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Forum Post: No, It Is NOT “Legal” For Congress To Insider-Trade — The SEC Should Launch Investigation Immediately

Posted 3 years ago on Dec. 14, 2011, 1:25 p.m. EST by fucorporatemedia (451)
This content is user submitted and not an official statement

The fact that many members of Congress appear to have traded on non-public information in their personal brokerage accounts during the financial crisis is outrageous.

But since this bombshell news broke on Sunday night, the excuse has been that, however ridiculous it may sound, insider trading is legal for Congress.

This same assertion has been repeated for years, every time someone observes that Congress members do much better in their personal stock trading than average investors do. Unlike average Joes, the pundits explain, Congress has exempted itself from insider-trading laws, so Congress-people are allowed to trade on private information that they gather in the course of their work while other Americans can’t.

But at least one law professor argues that this is just not true.

Insider trading is just as illegal for members of Congress as it is for the 300+ million Americans, Indiana Law Professor Donna Nagy argues.

Congress never “exempted” itself from insider trading laws, Nagy says–because Congress has never actually passed a law about insider trading.

By trading on information gathered in the course of their jobs, Nagy says, Congress-people are abusing the public trust and violating a legal duty, just the way any other insider-traders do.

So the Congress people who traded during the financial crisis (and since) should be investigated and, possibly, prosecuted for their behavior.

http://www.businessinsider.com/congress-insider-trading-investigation-2011-11#ixzz1dnmcxjaG

Occupy the SEC until the start holding these bastards accountable.

This is the fastest, easiest way to change our government.

Throw them all in prison, then hold special elections on paper ballots, hand counted and posted at the precinct level.

Then we can start implementing real changes in legislation with some real public servants in office.

19 Comments

19 Comments


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[-] 2 points by freedomanddemocracy (72) 3 years ago

Another outrageous fact coming out of those greedy corrupt crooks and liars we elect to Congress! If it wasn't enough that after they beg and plead for our votes, as soon as they get into office, they turn their backs on their constituents and begin their quest to become millionaires on the backs of the American taxpayers! They become greedy selfish morons who only think about themselves and how to get rich on the backs of the poor and Middle Class Americans. Congressmen and women are not beyond the laws of the land, someone needs to challenge this "unlawful" so-called right and either through a Supreme Court ruling or other means, to make it unlawful for any American, Congressmen or anyone else, to be able to do inside trading on the stock market! Any other citizen would be immediately arrested for insider trading and be fined and jailed! This is another outrage we are learning about our greedy corrupted crooks we elect to Congress. Let's get rid of those crooks in 2012! We need to start a list on who's doing what and when and where,etc. Then we can go after those crooks in 2012 elections and throw them into the streets!

[-] 2 points by fucorporatemedia (451) 3 years ago

Elections must be on paper ballots, hand counted and posted at the precinct level before going through diebold central tabulators.

[-] 1 points by fucorporatemedia (451) 2 years ago

and everyone just keeps repeating the lie...oh it's perfectly legal....

"What luck for the rulers that men don't think" A.Hitler

[-] 1 points by fucorporatemedia (451) 2 years ago

Occupy will be in DC the 17th

Demand Resignations or citizen's arrest Congress.

We must stop them now before they start another war.

Stop the attack on Americans and our Constitution- Start the attacks on the criminals. They need to be put on the defensive now.

[-] 1 points by MonetizingDiscontent (1257) 2 years ago

good post

[-] 1 points by AndyJ0hn (129) 3 years ago

please someone arrest the congress and the past few and most elected officials they are all corrupt.

[-] 1 points by fucorporatemedia (451) 3 years ago

yes, citizens arrest the whole lot of them.

The are enemies to this country and our Constitution.

Where are the people that vow to protect us from enemies, both foreign and domestic?

[-] 1 points by FrogWithWings (1367) 3 years ago

One Law professor argues it's not true????

The SEC has ALREADY told congress exactly what congress knows, 'congress is not exempt from insider trading laws'.

http://newsroom-magazine.com/2011/government-agencies/sec/sec-enforcement-chief-tells-senate-congress-not-exempt-from-insider-trading-law/

what are they waiting for.....?

From a week ago.....

http://www.secactions.com/

and a direct link to the official statement

http://www.secactions.com/?p=3769

Yur professor is wasting his energy, somebody needs to make the SEC and DOJ act. Holder needs firing and possibly prosecuted too.

more on this

http://articles.businessinsider.com/2011-12-01/politics/30462120_1_insider-trading-national-debate-statement

SEC and DOJ, do it, none of us care if it's EASY.

[-] 1 points by fucorporatemedia (451) 3 years ago

"somebody needs to make the SEC and DOJ act"

Occupy is that somebody!

[-] 1 points by FrogWithWings (1367) 3 years ago

This shit has been going on for years, get them all!

[-] 1 points by fucorporatemedia (451) 3 years ago

yes, the easiest way to get rid of the bastards and start over.

[-] 1 points by FrogWithWings (1367) 3 years ago

Well, prisons were originally intended to protect society from those who would bring harm to the public. Depending on your idea of "get rid of them", I'm most likely with ya on this one.

[-] 1 points by fucorporatemedia (451) 3 years ago

"prisons were originally intended to protect society from those who would bring harm to the public"

ya I think these guys have done a lot more harm to the public than all the non violent drug offenders they have locked up.

[-] 1 points by FrogWithWings (1367) 3 years ago

Very few incarcerated murders killed more than one. These folks have mass slaughtered many.

[-] 1 points by fucorporatemedia (451) 2 years ago

seriously. It is time to hold these bastards accountable and their little hedge fund managers too...

Arrest Them Now! Hedge-Fund Titans Caught Insider Trading, Got Political Tips from Congress http://getsmartnews.com/news/318864

[-] 1 points by FrogWithWings (1367) 2 years ago

Yanno, to make headlines like 'SEC Charges Fannie Mae and Freddie Mac with Fraud" only to look and see it only involves a lawsuit of which the citizens foot both sides of the bill, doesn't leave much in the way of hope, in light of the SEC already having told congress they are subject to insider trading laws and could be prosecuted, but, 'it would be hard to make a case against them'.

Pure horseshit and this is congress/senate waging war AGAINST AMERICANS by methodically extracting their wealth through these and many other means.

[-] 1 points by fucorporatemedia (451) 2 years ago

"SEC already having told congress they are subject to insider trading laws and could be prosecuted, but, 'it would be hard to make a case against them'."

too hard? 60 minutes already dug up the info, and Congressional members admitted to it because they assumed the media/SEC will cover their asses.

This is why we have to demand accountablity at the TV stations. Take back our airwaves, demand the truth be aired.

[-] 1 points by FrogWithWings (1367) 2 years ago

Well yeah, because our representatives seemingly are not willing to just turn themselves in complete with all incriminating evidence.... I guess that is why it would be too hard...........

whereas, I'm sure the kettle chip folks have assumed the ankle grab position and pre-lubed themselves as they are the diversionary act to entertain the masses who want to see somebody get reamed!

[-] 1 points by fucorporatemedia (451) 3 years ago

How about Occupy the Corporate Media....?? until they start telling the truth....

Everything goes back to the media, our democracy cannot function without a free press.

Every day that they are lying, it gets harder to dig out of this hole.

Who cannot see how they have been lying about the Occupy movement?

When will the movement start surrounding the TV stations?

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