http://online.wsj.com/article/SB10001424052748703431604575522434188603198.html
I heard this on CNBC last week and finally searched for and found the WSJ story tonight . While it does not surprise me in the least, what surprises me a little is that the politicians/aides don’t even seem embarrassed by it (at least put on a show of “oopsie” when asked.) It’s more of “Yeah, so what?” attitude.
“The aides identified by the Journal say they didn’t profit by making trades based on any information gathered in the halls of Congress. Even if they had done so, it would be legal, because insider-trading laws don’t apply to Congress.”
Of course not – why should laws for the simple folk apply to the government? That would be silly.
“A few lawmakers proposed a bill that would prevent members and employees of Congress from trading securities based on nonpublic information they obtain. The legislation has languished since 2006.
“Congressional staff are often privy to inside information, and an unscrupulous person could profit off that knowledge,” says Vincent Morris, a spokesman for Rep. Louise Slaughter (D., N.Y.), a leading backer of the “Stop Trading on Congressional Knowledge Act,” or STOCK Act. “The public should be outraged there is no law specifically banning this.” “
So all the fist-pounding, angry rhetoric by politicians about how evil Wall Street is and how billionaire corporate insiders and hedge fund managers have all the advantages and the little guy investor has no hope since he can’t get access to same the information is just more BS grandstanding by politicians (shocking I know) since they take advantage of the same type of insider information BUT it’s not technically illegal for them to do it (because they have made sure not to pass the law) so it’s OK…since the current law seems to exclude them. Oh…OK…got it. (wth?)
If you work for someone who is voting on a piece of legislation that can effect an entire industry (or certain companies) you have absolutely no business profiting from that information. You cannot possibly tell me you think you aren’t acting on inside information.
And if you feel you’ve done nothing wrong, then you and your bosses have absolutely NO business being talking heads about the evils of corporate and Wall Street greed. Spare me.
This is what annoys/angers me the most. Not the fact that they did it. Most people, if they are being honest with themselves, would if they could…or at least have to think about it hard. But having to listen to and read all the anti-business crap spewed forth by politicians ever since the banking/mortgage melt-down (a melt down facilitated in part by politicians but they like to forget that little detail) is beyond ridiculous. And this is simply more evidence of just how deep that BS is up on the Hill.
From Merriam-Webster Dictionary:
8:26 am on October 19th, 2010
Congressional and diplomatic immunity are without a doubt a large part of the problem with legislators and politicians. I wonder, even with the information about those ‘sure things’ whether these dopes actually do have any advantages over us simple folk. No wonder the majority of the country hates all of them.
10:47 am on October 19th, 2010
Because a great deal of them are not very smart (hence why they became politicians or work for politicians) they probably don’t take advantage of the things that would make them a lot of money. Just the glaringly obvious.
Scumbags…
And diplomatic immunity is a whole other ball of corrupt wax. Ugh.