Congressional Insider Trading, Anyone else catch 60 Minutes?

[Salty Dog]

I've read reports about this in the past but I found this very interesting. Pelosi and Boehner did not come off well.

CBS 60 Minutes : Congress Trading Stocks on...

CBS 60 Minutes : Congress Trading Stocks on...

And Pelosi responded Sunday to it with this:

Pelosi fires back at '60 Minutes' report on 'soft corruption' - CNN.com

[WickedLou9]

whenever you have a system where people will have regular access to non-public information, you have to assume that at least some of them will act on it. I am surprised that they aren't under the same scrutiny that employees of financial institutions are under. the SEC is all over the private sector for this.

[DosEquis]

Legal corruption is awesome, huh fellers.

[WickedLou9]

If I want to open a self directed trading account, I can only use like one of 3 or 4 approved brokerage services, the company monitors the accounts, and I have to get permission to make any trades, or I have to hand over discretion to an investment adviser who will make all trades for me ( as he/she sees fit). most of the rest of the country and just open an e-trade account and start buying stock. Not me. I work for a regulated and publicly traded firm. Why do members of congress not have to adhere to the same rules that I do?

[notquiteright]

I'm not so sure having the SEC with oversight assures us of anything but a fig leave will be near the nether regions. They are so undermanned and underfunded for long expensive court cases, they are often in mid rotation back the the very firms they are to moniter I doubt they will be of much help riding herd on Congress.

Another great example of political power having a cash value. Rick Perry was dirt poor before becoming Governor. He profited from quick turnover land deals amongst his fellow politicians and favored land developers. Doubling or tripling in value in 2 or 3 years. Timely stock purchases after contact with CEO or presidents of companies.

Not that down home folksy Rick is the only one making big bucks as a major politician, he just isn't all that shy about it.

[DosEquis]

Originally Posted by notquiteright

I'm not so sure having the SEC with oversight assures us of anything but a fig leave will be near the nether regions. They are so undermanned and underfunded for long expensive court cases, they are often in mid rotation back the the very firms they are to moniter I doubt they will be of much help riding herd on Congress.

Another great example of political power having a cash value. Rick Perry was dirt poor before becoming Governor. He profited from quick turnover land deals amongst his fellow politicians and favored land developers. Doubling or tripling in value in 2 or 3 years. Timely stock purchases after contact with CEO or presidents of companies.

Not that down home folksy Rick is the only one making big bucks as a major politician, he just isn't all that shy about it.

Gee, an organization who exploits legal insider trading methods appears to be a bit relaxed on giving the SEC any teeth to do its job. Shocker.

[notquiteright]

To be more precise Congress purposefully keeps the SEC as toothless as they can and is rewarded by those who profit the most, Traders and Fund managers, with scraps from the dining table.

Approx 1% of this nation qualifies as a Millionaire, 50% of Congress is in that exclusive club. That is a lot until you see who they rub elbows with. In some rooms the millionaires are Trailer Trash.

[Salty Dog]

Massachusetts Sen. Scott Brown introduces bill to ban Congressional insider trading.

Bill filed to prohibit congressional insider trading - CNN.com

[WickedLou9]

Originally Posted by Salty Dog

Massachusetts Sen. Scott Brown introduces bill to ban Congressional insider trading.

Bill filed to prohibit congressional insider trading - CNN.com

good

[DosEquis]

I love how Pelosi's group is trying to make this "conservative vs. democrat" when its not even the case. Sure the research was by someone "conservative" but John Boehner and Denny Hastert (both republicans) are just as guilty of this shit.

[Salty Dog]

Originally Posted by DosEquis

I love how Pelosi's group is trying to make this "conservative vs. democrat" when its not even the case. Sure the research was by someone "conservative" but John Boehner and Denny Hastert (both republicans) are just as guilty of this shit.

Exactly. This appears to be a bipartisan agreement.

[DosEquis]

Originally Posted by Salty Dog

Exactly. This appears to be a bipartisan agreement.

I suspect thats why the original Stock Act had 6 co-sponsers... and like the guy said.. national cherry pie week could get 100.