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Author Topic:   Only Five Members Of Congress Have Sponsored Legislation To Ban Congress’s Insider Tr
Node
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From: 1,981 mi East of Truth or Consequences NM
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posted November 16, 2011 07:09 AM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote
....
ban insider trading

This past Sunday’s 60 Minutes story about de facto insider trading in Congress was shocking, as it revealed how major players in Congress used inside information to bet on stocks and profit off of their positions. The story is a parable of one way the country’s political elite have empowered themselves over the 99 Percent.

David Dayen notes, there was legislation introduced earlier this year that would ban Congress from engaging in this version of insider trading. It only has five co-sponsors:

The simple fix would be to force every member of Congress to put their holdings into blind trusts. But the most difficult thing to pass through Congress is rules that the institution would impose on its own members. Indeed, the STOCK Act, the vehicle that would ban insider trading by members of Congress, has a paltry 5 co-sponsors.

Americans do not have to put up with a political system where a member of Congress like Rep. Spencer Bachus (R-AL) can attend a private economic crisis meeting and then promptly bet on stocks tanking. Contact your member of Congress and ask them to co-sponsor the STOCK Act and end this practice once and for all.

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jwhop
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posted November 16, 2011 07:28 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Is this story selectively edited Node?

I can't find any mention of Nancy Pee-Lousy's forays into "Congressional Insider Stock Trading".

I also can't find any attribution for the article?...you posted.


One of the biggest scandals in American politics is waiting to explode: the full story of the inside game in Washington shows how the permanent political class enriches itself at the expense of the rest of us. Insider trading is illegal on Wall Street, yet it is routine among members of Congress.
http://www.amazon.com/Throw-Them-All-Peter-Schweizer/dp/0547573146

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Node
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From: 1,981 mi East of Truth or Consequences NM
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posted November 16, 2011 09:13 AM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote
unable to type '60 minutes' into a google search JW?

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jwhop
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posted November 16, 2011 11:55 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
No, but then 60 Minutes didn't publish the little blurb you posted.

Further, it appears whoever did was selectively editing to omit the fact Nancy Pee-Lousy is high on the list of those congressional members who trade on "Insider Information".

I did however, notice they managed to insert the name of a Republican in their little blurb....but no Pee-Lousy or other demoscats.

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Node
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From: 1,981 mi East of Truth or Consequences NM
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posted November 16, 2011 10:25 PM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote
zzzzzzzzzzzzzzzz

Stop deflecting.

60 minutes mentions Nancy Pelosi, as you well know. IT IS ON THEIR PAGE.

Your efforts to have her name the focus has been obtained.

Happy camper right?

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jwhop
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posted November 17, 2011 08:33 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Of course I know 60 Minutes exposed Nancy Pee-Lousy as a congressional inside trader.

But, no one reading the blurb you posted ...without attribution...would learn that Node. But then Node, that's what selective editing is all about; now isn't it!

Too bad your icon bud, Soros wasn't a member of congress. Had he been, he wouldn't now be a convicted felon. He'd still be richer...from his insider trading, like Pee-Lousy but he wouldn't be a felon.

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AcousticGod
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posted November 17, 2011 07:08 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
John Boehner was also highlighted, which means that if Node had "selectively edited" one could have the idea that she was trying to keep his name out of it as well. "Selective editing" is a bogus hypothesis.
http://www.reuters.com/article/2011/11/17/us-financial-regualtion-stock-idUSTRE7AG2M820111117

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jwhop
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posted November 18, 2011 09:37 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
"John Boehner was also highlighted, which means that if Node had "selectively edited" one could have the idea that she was trying to keep his name out of it as well. "Selective editing" is a bogus hypothesis."...acoustic

Wrong again acoustic.

I didn't say "Node" selectively edited anything. Nor did the blurb Node posted say anything at all about John Boehner...or anyone else...except for the one Republican, Spencer Bachus.

Try to read with comprehension acoustic.

This is what I said:

"No, but then 60 Minutes didn't publish the little blurb you posted.

Further, it appears whoever did was selectively editing to omit the fact Nancy Pee-Lousy is high on the list of those congressional members who trade on "Insider Information"."

The credible way to publish this information would have been to list all congressional members who have traded on insider information, along with their party affiliation...and let the chips fall where they may.

But, that's not the leftist way!

However, it's a step in the right direction that Node now agrees with Sarah Palin...that members of Congress should obey the same laws everyone else is required to observe.

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AcousticGod
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posted November 18, 2011 03:42 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
quote:
Is this story selectively edited Node?

quote:
I also can't find any attribution for the article?...you posted.

quote:
No, but then 60 Minutes didn't publish the little blurb you posted.

quote:
But, no one reading the blurb you posted ...without attribution...would learn that Node. But then Node, that's what selective editing is all about; now isn't it!

It seems to me that you quite blatantly blamed Node for the contents of her post. You try reading with comprehension.

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jwhop
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posted December 14, 2011 09:41 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
It seems to me acoustic that you are, once again, and as is usual for you, arguing against that which is manifestly true.

How do you always get yourself into these no-win positions?

What is true is that Node posted a blurb complaining about congressional insider trading. Though the practice is widespread in the Congress...and illegal for ordinary citizens...the blurb mentioned only one congressman...a Republican offender.

Not mentioned was the fact Nancy Pee-Lousy, demoscat..former Speaker of the House of Representatives is also an offender.

My response was a call to "fairness". List them all and let the chips fall where they may.

Now, is that concept too difficult for you to understand?

On a different note, here's a woman whom you...in one of your misogynistic rants... termed an "empty intellect".
http://www.linda-goodman.com/ubb/Forum26/HTML/000128.html

Your judgement is fatally flawed.

Even O'Bomber...slow learner that he is...has learned to not take Sarah Palin on and he has the cleat marks all over his frame from encounters where Palin ran over him.

Palin: Congress, it's time to stop lining your pockets
By Sarah Palin

Thanks to the solid new research and recent revelations in Peter Schweizer's book Throw Them All Out and the subsequent coverage on 60 Minutes, we have concrete proof to explain how members of Congress accumulate wealth at a rate astonishingly faster than the rest of Americans and have stock portfolios that outperform even the best hedge-fund managers'. (Full disclosure: Schweizer is employed by my political action committee as a foreign policy adviser.)

From sweetheart land deals to initial public offering (IPO) stock gifts to insider trading with non-public government information, the methods of unethical wealth accumulation for our permanent political class are endless. The reaction from the Beltway establishment to the revelations concerning insider trading among members of Congress was predictable. First they denied it, then they dismissed the problem as much ado about nothing. Some said there was no need for new laws or action because the Securities and Exchange Commission could prosecute members of Congress under existing laws against insider trading.

But under current law, there is no way the SEC will ever go after a powerful congressman or senator. The SEC never has, even though insider trading prohibitions have existed since the 1930s. Here's why: Congress sets the SEC's budget, and senators approve the head of the SEC. Congress uses its power of the purse strings to threaten federal agencies that get in their way.

For example, in 2006 the FBI got a search warrant from a federal judge to comb former congressman William Jefferson's office. The FBI already had evidence that Jefferson was taking bribes. Congress was furious that the FBI would dare search a fellow member's office. Members claimed the search was unconstitutional. They even threatened to cut the Justice Department's budget in retaliation. All this despite the fact that 86% of Americans supported the FBI raid.

A hands-off SEC

Does anyone really think the SEC under current law will have the courage to investigate the insider trading in Congress? Remember that this corruption (and failure to deal with it) encompasses both sides of the aisle. We fool ourselves thinking we can trust an agency dependent on Congress for its budget to investigate Congress.

I hate the idea of more laws, but because our politicians have shown a failure of ethical leadership, we must reassert the rule of law through strong new legislation that holds Congress accountable and prevents retaliation against whistle-blowers and regulatory agencies investigating corruption. Legislation has been put forward, but there are serious concerns that these bills contain major loopholes in stopping congressional insider trading and the gifting of IPO stocks from companies seeking to influence policy. In fact, Robert Khuzami, the SEC's director of enforcement, testified that the bills as written only make stock transactions related to pending or prospective legislation illegal, not any other insider information trading; and they only cover stock transactions, not options trades, exchange traded funds or mutual funds.

The bills by Sens. Scott Brown, R-Mass., and Kirsten Gillibrand, D-N.Y., are particularly weak. Members of Congress should disclose all trading activities immediately, not after 90 days as their bills propose. More immediate disclosure deadlines (similar to the strict deadlines corporate executives adhere to when trading certain amounts of stock) are imperative for real transparency.

Members of Congress must be required to put their assets into blind and "deaf" trusts. Deaf because we must make it illegal both to trade on non-public government information and to pass on such information. It does no good to set up a blind trust run by a friend, family member, or acquaintance and then casually pass on information to that person. Technically, members of Congress can claim they weren't actually making the trade or ordering another person to make the trade; they were simply "having a conversation" concerning information any competent trader would know what to do with.

The House bill by Rep. Sean Duffy, R-Wis., is a step in the right direction because it calls for every member of Congress to either establish a blind trust or abide by a three-day disclosure deadline for all trades. (Personally, I'd like to see even stricter deadlines like the ones for corporate executives.) We should insist on tougher provisions to close all insider trading loopholes and IPO stock gifts, and to protect whistle-blowers and regulators against congressional retaliation.

Other congressional ailments

Also, remember that insider trading isn't the only corruption problem in Congress. Crony capitalism has run rampant for too long and is bankrupting our country. We need conflict of interest provisions on earmarks and other legislation to stop sweetheart land and construction deals.

Our permanent political class relies on an apathetic and uninformed public to get away with this stuff. But if there is one issue that unites Americans across the political spectrum, it's absolute disgust with the corruption of our elected leaders. Congress and the White House need to earn the American people's trust again. We the people are not going to give up until we get the sudden and relentless reform we deserve or, as the book says, "we throw them all out" in 2012.
http://www.usatoday.com/news/opinion/forum/story/2011-12-12/congress-insider-trading-sec/51841156/1

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Randall
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posted December 14, 2011 10:08 AM     Click Here to See the Profile for Randall     Edit/Delete Message   Reply w/Quote
Palin is impressive.

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"Never mentally imagine for another that which you would not want to experience for yourself, since the mental image you send out inevitably comes back to you." Rebecca Clark

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AcousticGod
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posted December 14, 2011 12:09 PM     Click Here to See the Profile for AcousticGod     Edit/Delete Message   Reply w/Quote
Oh brother

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Ami Anne
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posted December 14, 2011 12:55 PM     Click Here to See the Profile for Ami Anne     Edit/Delete Message   Reply w/Quote
The insider trading thing is HORRIBLE!

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Want a peek in to my journal?


http://www.mychristianpsychic.com/

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jwhop
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posted December 15, 2011 12:31 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Sarah Palin is indeed impressive Randall.

Palin is one of the most dangerous people in America..to "establishment" politicians of both parties and the "political class".

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Randall
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posted December 15, 2011 03:31 PM     Click Here to See the Profile for Randall     Edit/Delete Message   Reply w/Quote
I would love to see her as VP.

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"Never mentally imagine for another that which you would not want to experience for yourself, since the mental image you send out inevitably comes back to you." Rebecca Clark

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