ZAZ: It's legal, but looks bad enough that they'll lie to cover their tracks.

That's because they care about public opinion more than honesty or integrity.

It's sad how corrupt the whole system is and that they see us only as interest paying peasants. But I guess the peasants from the middle-ages also thought that life was unfair but grand anyway and that they had liberty.

Human society will always be like this: some very few that live like Gods and the rest suffering because of it.

Congressional approval is 9%. Re-election rates are perennially 90%. Only 20% of under-30s bothered to vote in last year's election. Hmmm.

pippi longstocking:

Human society will always be like this: some very few that live like Gods and the rest suffering because of it.


How very provincial of you.

Federal insider-trading laws don't apply to members of Congress,

WTF? Why not?

Insider trading has to be one of the dumbest made-up "crimes" I've heard of.

That said, it's pretty messed up that members of Congress can rig the game using law. They shouldn't be able to do that for any reason, not the least of which for the purpose of making more money for themselves.

These assholes commit economic treason on a daily basis, yet people are taking to the streets to protest banks & corporations.

dalovindj: Federal insider-trading laws don't apply to members of Congress,

WTF? Why not?

And that's the question of the day.

Lernaeus: These assholes commit economic treason on a daily basis, yet people are taking to the streets to protest banks & corporations.

Ah, see there's the issue. They're not excluded. They're just not being targeted right now.

You can hate person A while still hating person B. Expand your hate.

Dubai Vol: Congressional approval is 9%. Re-election rates are perennially 90%. Only 20% of under-30s bothered to vote in last year's election. Hmmm.

Why does the government cater to old people? Because there's lots of them and they vote.

Why does the government ignore young people? Because they don't vote.

As long as they aren't getting caught with little bags of weed...

This isn't news.

Still really sad and frustrating though. Explains how Gerald Ford made $60k a year for 30 years and retired a millionaire.

"None of the questioned investments were illegal, the news program said. Federal insider-trading laws don't apply to members of Congress"

Its only legal because the law was written to be convenient for the people profiting from it.
Something I'd thing would drive both the tea party and Occupy livid when put in practice.
How did that little gem sneak through without the whole establishment getting torched?

Dubai Vol: Congressional approval is 9%. Re-election rates are perennially 90%. Only 20% of under-30s bothered to vote in last year's election. Hmmm.

Everyone hates Congress, but strangely everyone likes their Congressperson. So no one votes against them unless there is a reason for a party shift, like I am expecting (or maybe just really hoping for) from this Republican election cycle of trying to kill unions and sell poor people for heating fuel.

Shadowknight: Dubai Vol: Congressional approval is 9%. Re-election rates are perennially 90%. Only 20% of under-30s bothered to vote in last year's election. Hmmm.

Everyone hates Congress, but strangely everyone likes their Congressperson. So no one votes against them unless there is a reason for a party shift, like I am expecting (or maybe just really hoping for) from this Republican election cycle of trying to kill unions and sell poor people for heating fuel.

I hate my Congressman, but sadly most of the people in my district love him. He just happens to be John Boehner.

/My county was one of only 4 that voted in favor of Ohio's SB5 if that tells you anything.

Lipo: I hate my Congressman, but sadly most of the people in my district love him. He just happens to be John Boehner.

/My county was one of only 4 that voted in favor of Ohio's SB5 if that tells you anything.

Well, obviously SOME of us don't like the idiots running things. But we're in the minority: People that actually pay attention and don't live in a willful and blissful ignorance.

Lots of things are suddenly legal when you get to write the laws.

But is it ethical? No
Is it something a responsible public servant would do? No

Alphax: dalovindj: Federal insider-trading laws don't apply to members of Congress,

WTF? Why not?

And that's the question of the day.

Because who do you think makes the rules?

"Federal insider-trading laws don't apply to members of Congress"

That's really all you need to know about American "democracy"

Arkanaut: Alphax: dalovindj: Federal insider-trading laws don't apply to members of Congress,

WTF? Why not?

And that's the question of the day.

Because who do you think makes the rules?

I'm not familiar with the justification they use, but most likely Article 1, section 6 of the Constitution, which immunizes members of Congress from being prosecuted for anything they say on the job.

Lernaeus: Insider trading has to be one of the dumbest made-up "crimes" I've heard of.

I don't think you've really thought it through then.

ZAZ: 60 Minutes story: http://www.cbsnews.com/8301-18560_162-57323527/congress-trading-stock - on-inside-information/

It's legal, but looks bad enough that they'll lie to cover their tracks.

It's not to cover their tracks necessarily, it's just their natural reaction to any question posed to them.

dalovindj: Federal insider-trading laws don't apply to members of Congress,

WTF? Why not?

Congress successfully argued that everything done in congress is public record, therefore not insider trading. Pretty much bullshiat, but courts bought it.

That's the point of being in congress. You get to exempt yourself from the rules.

FuturePastNow: Arkanaut: Alphax: dalovindj: Federal insider-trading laws don't apply to members of Congress,

WTF? Why not?

And that's the question of the day.

Because who do you think makes the rules?

I'm not familiar with the justification they use, but most likely Article 1, section 6 of the Constitution, which immunizes members of Congress from being prosecuted for anything they say on the job.

I dunno... I think it more meant when debating on the house floor (as a protection against things like McCarthy-ism) and not immunity for all actions at all times.
Inside trading based on the government decisions you make, in an act only you are privileged to partake of, certainly seems to go beyond "speech" and into the "felony" area of things.

Otherwise, what's to prevent one congressman from selling out the nation for a few bars of gold?

Lernaeus: Insider trading has to be one of the dumbest made-up "crimes" I've heard of.


Hunh? Insider trading laws are critical to the functioning of an actual market. If Joe Investor is always on the losing end of the stick because a bunch of folks get together and rig the game behind the scenes, why should Joe Investor ever actually invest?

I know, I know, Joe Investor is small potatoes and nobody cares about him. But Joe Investor isn't really the issue- it's things like the retirement funds that Joe has invested with some big group like (in my case) TIAA-CREF. If CREF decides that the stock market is rigged against it they will happily pull their money out and stick it someplace it's not so rigged. In CREF's case, that's about $500 billion. If they and others like them bail on the American stock market in favor of something else be prepared for the current economy to tank in ways you don't even want to think about.

jm105: Why does the government ignore young people? Because they don't vote.

Why don't young people vote? Because the electoral process has already excluded them.

I vote- for myself. Every election, if there isn't a viable third party (nearly all of them), I write myself in. I received at least two votes for country comproller.

way south:
Otherwise, what's to prevent one congressman from selling out the nation for a few bars of gold?

Prevent?

The time to talk prevention is BEFORE you have 8 kids running around the trailer.

http://governmentgonewild.org/thelist

If Boehner really is hands-off, I don't think his is a big whoop. People knew that was likely going down. If it happened just days before the vote, it was clearer that it would lose by then.
Pelosi's doesn't seem terrible. Why would Visa Inc be a bad buy, regardless of the bill under consideration? It isn't like they were out to destroy the credit industry (although, I'm sure others would use hyperbole to say they were).

I'm a little less friendly to what is claimed against Bachus... but even then, not sure. Might be more of a dick move than unethical, necessarily. Does leave him open to claims that he wasn't working as hard to consider corrective measures.

Lernaeus: Insider trading has to be one of the dumbest made-up "crimes" I've heard of

Really? Why? What makes it "made up", in your eyes?

stebain: Really? Why? What makes it "made up", in your eyes?

A complete lack of understanding how information differentials can completely change the landscape of a market?

Monkeyhouse Zendo: Lernaeus: Insider trading has to be one of the dumbest made-up "crimes" I've heard of.

I don't think you've really thought it through then.

Oh, I know there's *way* more to it, but when it's a simple stock tip, it's silly to punish people for essentially gambling on the word of an insider with advance information.

Let me tell you that this is a far bigger deal for staffers than for elected officials. Most Congressmen come in wealthy. Staffers, not so much. But they sure do LEAVE wealthy, if you look at their investment portfolios.

/worked on the Hill
//will probably go back
///not for the money though

t3knomanser: stebain: Really? Why? What makes it "made up", in your eyes?

A complete lack of understanding how information differentials can completely change the landscape of a market?

Something like that, I'm sure.

Like "hiring discrimination" is made up. I mean, come on, it's not my fault they're lazy. Right?

Lernaeus: Oh, I know there's *way* more to it, but when it's a simple stock tip, it's silly to punish people for essentially gambling on the word of an insider with advance information.

There is a BIG difference between "Styrene Inc. looks solid because plastics, man. You should buy." (that's a tip) and "We are investigating Pulp Output Inc for illegal dumping and it's going to destroy them. You might want to sell." (that's insider information)

Jackson Herring: Shadowknight: Everyone hates Congress, but strangely everyone likes their Congressperson.

My Rep voted against the Iraq war and the Patriot Act. Sorry if that makes me a stereotype

Well, at least you have a reason to like him.

Wish they would have followed this story up with a quick "fluff" piece on how to sharpen pitchforks and make nifty torches.

way south: FuturePastNow: Arkanaut: Alphax: dalovindj: Federal insider-trading laws don't apply to members of Congress,

WTF? Why not?

And that's the question of the day.

Because who do you think makes the rules?

I'm not familiar with the justification they use, but most likely Article 1, section 6 of the Constitution, which immunizes members of Congress from being prosecuted for anything they say on the job.

I dunno... I think it more meant when debating on the house floor (as a protection against things like McCarthy-ism) and not immunity for all actions at all times.
Inside trading based on the government decisions you make, in an act only you are privileged to partake of, certainly seems to go beyond "speech" and into the "felony" area of things.

Otherwise, what's to prevent one congressman from selling out the nation for a few bars of gold?

That's how it is written, sure, but Congress takes a broader interpretation.

My congressman ran unopposed. He had no challengers in the primary or in the general election.

It makes it kind of hard to vote him out. Though I just left that part blank when I voted.

Lernaeus: Insider trading has to be one of the dumbest made-up "crimes" I've heard of.

Read about the stock pools of the 1920s some time.

Joe Kennedy was a master stock manipulator, which is why FDR appointed him as the first SEC chairman. ("Takes one to catch one")

So, if you find out about some inside information and use it to buy or sell stocks, that's against the law.

But, if you make the inside information by creating or killing laws and buy or sell stocks accordingly, well. that's perfectly legal.

FuturePastNow: way south: FuturePastNow: Arkanaut: Alphax: dalovindj: Federal insider-trading laws don't apply to members of Congress,

WTF? Why not?

And that's the question of the day.

Because who do you think makes the rules?

I'm not familiar with the justification they use, but most likely Article 1, section 6 of the Constitution, which immunizes members of Congress from being prosecuted for anything they say on the job.

I dunno... I think it more meant when debating on the house floor (as a protection against things like McCarthy-ism) and not immunity for all actions at all times.
Inside trading based on the government decisions you make, in an act only you are privileged to partake of, certainly seems to go beyond "speech" and into the "felony" area of things.

Otherwise, what's to prevent one congressman from selling out the nation for a few bars of gold?

That's how it is written, sure, but Congress takes a broader interpretation.

Yet they take a narrow interpretation when it comes to privacy, gun rights, or free speech.

/the founding fathers wanted politicians to be openly corrupt?

Marcus Aurelius: Martha Stewart was arrested and jailed for talking to the Feds without her lawyer present THE LULZ.