Ya gotta invest all that bribe mon… er, um, excess lobbyest funds somehow!
Inside Trading: Congress for sale
Here’s a little history to consider.
Congress enacted the Securities Act of 1933, which required registration of publicly traded companies — making more information open and available to the public. A year later, Congress added more protections for investors. One of those provisions made it illegal to trade stock by corporate insiders who were privy to special information that could help or hurt a stock.
After this generation’s corporate scandals, Congress passed Sarbanes-Oxley in 2002 to improve corporate governance and audit independence. But one of the measures added reporting requirements and tougher standards for insider trading.
Unfortunately, Congress forgot itself. It remains perfectly legal for a member of Congress to buy and sell stocks based on information that’s not available to the public. Last year it was reported that a “political intelligence” firm tipped off its clients to an undelivered speech by Senate Majority Leader Bill Frist on asbestos liability. The information was profitable to those in the know.
“This is simply wrong that members of Congress can exchange information … and get rich on it,” says Rep. Brian Baird, D-Wash., who is co-sponsor of a bill to prohibit insider trading by members of Congress and their staffs.
Baird will report to a congressional committee today on the proposal — and is optimistic. “When people hear about it, on both sides of the aisle, they think this is something that ought to be fixed.”
We think Baird’s right. Even if a congressional insider trading ban comes seven decades too late.
What’s new? The US has been sending theives, scalwags and liars to Washington since its inception. Somehow, we’ve survived pretty well. Our hope these days is the press figures out how to focus its outrage more on important issues and not as much on blow jobs, and our vote (I hope McCain-Guilliani are on the ticket.).
The example they give has nothing to do with their complaint. It is someone else who got the money based on info from a Congressman.
ummm… I’m sorry?… I don’t see why you’re surprised?
Professional Politics (PP) is a BUSINESS.
The purpose of a business, is to make a profit.
If you can pass laws, that DON’T apply to you, to prevent people from making harder to take more profit (notice, I don’t say “make money”, earn a living”, “earn money”), then what are ya gonna do (he asked sarcastically)?
Last I heard, approx. in the mid ’80’s, PP’s stated, on a TV interview (having to do with the intern scandal, I believe), “Of course Congress doesn’t have to follow the laws we make. That would be “undue hardship” and possibly influence the laws we make.”
Now, if ya can stomache it, think about THAT sentence!…
Hang all PP’s!, Only elect amateurs!!
How can I file treason charges on the “Big 4” running the White House?
The problem is that congress regulates itself. Just like they give themselves raises and such. Congress should have oversight from an external body to regulate ethics and such. That will never happen.
Why else would members of Congress spend millions of dollars getting elected to a job that only pays $250,000 a year?
Who dares to teach must never cease to learn. John Cotton Dana