Posted 11 years ago on Dec. 29, 2011, 5:50 p.m. EST by fucorporatemedia
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Jack Abramoff's recent incredulity at Congress' uncanny stock-picking talents is a welcome reminder that such behavior is alive, well and (thought to be) legal. His allegations are simply the latest iteration of worries first raised in 2005 — when a company's stock mysteriously jumped the day before a favorable bill's introduction — that Congress not only beats the street (at twice the rate of market insiders according to one study), but that a "political intelligence" industry funnels political secrets to interested parties on Wall Street.
All of which again raises the question: Is such behavior actually legal?
The conventional wisdom says yes: Insider-trading laws don't apply to Congress. Indeed, years after it was proposed, the "Stop Trading on Congressional Knowledge" — or STOCK Act — is finally now gaining steam, in hopes of illegalizing such conduct.
Not to discourage that noble enterprise, but trading on congressional secrets is already decidedly illegal. The "misappropriation theory" of insider trading prohibits corporate outsiders from breaching duties of confidentiality to sources of non-public information in connection with securities transactions. To the extent it's constitutional, it's the theory that prevents, for instance, staffers of this publication from trading on information learned at work before it's made public. Those who exempt Congress from this rule typically argue that congressional insider trading violates no duty, or that congressional information is inherently "public" and therefore non-confidential. Neither is true.
Why are we letting Congress get away with this gross violation of the law and the public trust?
The learned helplessness is powerful in this country.
When Occupy goes to Congress in January, WE must demand on LIVE TV HOLD THESE BASTARDS ACCOUNTABLE!
WE need to start calling the shots here.
Congress has been assaulting US, Our Constitution in every way possible.
It is time to go on the offense and put these assholes in their place.
They work for US, they are American citizens and are accountable to all of our laws whether they like it or not.
Why do people think this is legal? The Corporate Media has been lying and lying and lying about it until everyone believe them. There is absolutely no exemption for Congress and this is THE perfect example of why we must take back our public airwaves from these bastards and we can start by surrounding the TV stations and demanding the air the truth. Why Doesn't the Occupy Movement Surround the TV stations? http://occupywallst.org/forum/why-doesnt-the-occupy-movement-surround-the-tv-sta/ Their FCC license is only granted if they serve the public interest, so next we have their license revoked.