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(The Raw Story)   STOP THE PRESSES: Members of Congress profit from stock trades in companies affected by their legislation   (rawstory.com) divider line 32
    More: Obvious  
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947 clicks; posted to Politics » on 25 Jun 2012 at 11:30 AM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



32 Comments   (+0 »)
   
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2012-06-25 09:32:17 AM  
Awesome. The Washington Post has been releasing feature after feature about this all weekend, so it's just wonderful that Fark chooses as its greenlight on this topic an "article" posted by another website that does absolutely nothing new with the information. A news aggregator pushing a news summarizer's stolen article instead of linking to the original news generator's material. And we wonder why good reporting is dying.
 
2012-06-25 09:32:59 AM  
Oh, and in case you actually feel like getting some detail and actual writing out of this: Link
 
2012-06-25 10:06:45 AM  

Pocket Ninja: A news aggregator pushing a news summarizer's stolen article instead of linking to the original news generator's material.


Perhaps no one submitted a link to the original.
 
2012-06-25 10:42:12 AM  

OhTheHumidity: I wish I could criticize them but honestly I would probably do the exact same thing.

In the large scheme of things, we're talking pennies on the dollar. Not multi million dollar trades


Tell that to Martha Stewart! Why did she have to go to jail, while Nancy Pelosi walks free?
 
2012-06-25 10:59:53 AM  

OhTheHumidity: I'd just try to be more smooth about it


Keystone Light stock. Always smooth. Even when you aren't.
 
2012-06-25 11:20:20 AM  

WhyteRaven74: Pocket Ninja: A news aggregator pushing a news summarizer's stolen article instead of linking to the original news generator's material.

Perhaps no one submitted a link to the original.


WaPo requires you to sign up in order to read articles; that may be why it wasn't greenlit.
 
2012-06-25 11:43:17 AM  
My plan:
Step 1: When you get elected to Congress / VP / President / appointed to the SC, your and your spouses bank accounts and stock portfolio's get liquidated. To avoid fees from taking money from 401K or retirement accounts, they can stay where they are until they can get rolled over without losing value. All income of you and your spouse whilst in office must be disclosed when you recieve it while still in office, on the same day you recieve it. The new income can sit in your bank account but cannot be invested.

Step 2: All this money gets handed over to a federal agency, which picks one agent randomly chosen out of a few dozen. This agent then invests your money for you, including having control of those retirement accounts. If it turns out you need tsome money (kid's college bills, medical emergenies, house burned down, etc), you submit a request to the federal agency who forwards it to the unknown agent, who cashes out some stocks and sends the money back through the middleman.

Step 3: Even after you quit or lose re-election, the agency continues to handle your money for two terms of whatever your last office was. Then you get control back. If you happen to die in office, then your estate can cash out immediately.
 
2012-06-25 11:52:55 AM  
Your 4 months late subby. 60 minutes already did a piece about this.
 
2012-06-25 12:06:25 PM  
Step 3: Even after you quit or lose re-election

I read this as "Even after your guilt and lose re-election.

I was happy to see that guilt was going to be a normal, expected part of the process.

/Until I read it again
 
2012-06-25 12:11:50 PM  

Karac: My plan:
Step 1: When you get elected to Congress / VP / President / appointed to the SC, your and your spouses bank accounts and stock portfolio's get liquidated. To avoid fees from taking money from 401K or retirement accounts, they can stay where they are until they can get rolled over without losing value. All income of you and your spouse whilst in office must be disclosed when you recieve it while still in office, on the same day you recieve it. The new income can sit in your bank account but cannot be invested.

Step 2: All this money gets handed over to a federal agency, which picks one agent randomly chosen out of a few dozen. This agent then invests your money for you, including having control of those retirement accounts. If it turns out you need tsome money (kid's college bills, medical emergenies, house burned down, etc), you submit a request to the federal agency who forwards it to the unknown agent, who cashes out some stocks and sends the money back through the middleman.

Step 3: Even after you quit or lose re-election, the agency continues to handle your money for two terms of whatever your last office was. Then you get control back. If you happen to die in office, then your estate can cash out immediately.


An excellent plan. That should ensure a much higher quality of candidates.
 
2012-06-25 12:15:49 PM  
There's a docu on Netflix that talks about this...


Can't remember the name right now, but I remember seeing it.

It went into detail the connections of Congressmen who used to be CEOs at companies that now benefit from the Congressman's law that are passed... all while trading their stocks.
 
2012-06-25 12:23:08 PM  

Pocket Ninja: And we wonder why good reporting is dying.


They dumbereded it down for us normies. Why do you hate us regular type folks?
 
2012-06-25 12:23:21 PM  

tcan: Karac: My plan:
Step 1: When you get elected to Congress / VP / President / appointed to the SC, your and your spouses bank accounts and stock portfolio's get liquidated. To avoid fees from taking money from 401K or retirement accounts, they can stay where they are until they can get rolled over without losing value. All income of you and your spouse whilst in office must be disclosed when you recieve it while still in office, on the same day you recieve it. The new income can sit in your bank account but cannot be invested.

Step 2: All this money gets handed over to a federal agency, which picks one agent randomly chosen out of a few dozen. This agent then invests your money for you, including having control of those retirement accounts. If it turns out you need tsome money (kid's college bills, medical emergenies, house burned down, etc), you submit a request to the federal agency who forwards it to the unknown agent, who cashes out some stocks and sends the money back through the middleman.

Step 3: Even after you quit or lose re-election, the agency continues to handle your money for two terms of whatever your last office was. Then you get control back. If you happen to die in office, then your estate can cash out immediately.

An excellent plan. That should ensure a much higher quality of candidates.


Eh, I ripped it off from a David Eddings kids' fantasy novel. It was a materialistic, mercantile society, so no one actually wanted to quit what they were doing and run for office. They staffed the government by picking officials through a random lottery and then sending the police to arrest them before they could free the country. Come to think of it, we could probably improve things by ignoring the corruption problem and going with the draw names out of a hat solution.
 
2012-06-25 12:25:30 PM  
The campaign finance system is set up so that ONLY people looking for personal financial gain would/could ever run for federal office. All the SuperPacs have done is up the ante. Well, there are a few people who run because they are just farking crazy and god told them to, but hopefully the GOP will stop putting these nutjobs on a pedistal.
 
2012-06-25 12:31:31 PM  

Mrtraveler01: Your 4 months late subby. 60 minutes already did a piece about this.


Not only that but there was a bill in Congress drafted to stop the practice, but of course it was completely defanged and amounted to a promise with one's fingers crossed to not try to become too rich on one's profitable connections and exposure to sensitive information about the economy.
 
2012-06-25 12:34:54 PM  
Time warp?
 
2012-06-25 12:35:45 PM  

Karac: Come to think of it, we could probably improve things by ignoring the corruption problem and going with the draw names out of a hat solution.


At this point I'm pretty convinced that we would do much better if we randomly chose someone, aged 35-50, with a bachelor's degree or higher, and offered them twice their annual salary for the duration of their term. One term limit.

If we had people that were reasonably intelligent, reasonably educated, knew that they would have to deal with the long-term consequences of their actions along with the rest of us, and had not been raised to believe they were born of a different stock and that the throne was theirs by birthright, we'd solve a lot of our problems.

/Yes, I know that's simplistic
//Maybe we'd get some politicians who actually cared about making this place a little better and weren't sociopaths
 
2012-06-25 12:55:40 PM  

Don't Troll Me Bro!: Maybe we'd get some politicians who actually cared about making this place a little better and weren't sociopaths


I'm sure we send a lot of them to Washington as it is now. It's just that when they get there they have a choice between accomplishing nothing and not getting rich, and accomplishing nothing and getting rich.
 
2012-06-25 01:20:52 PM  
People know how to exploit the political system for personal profit? YOU DON'T SAY!
 
2012-06-25 01:25:31 PM  
Insider trading occurs in any trading system. The difference here is, it's legal for them to do it, and illegal for you or me.
 
2012-06-25 01:39:29 PM  
I have a simple solution to these crooks in government. It centers around the annual State of the Union speech. Because during the SOTU speech, you have the president, the VP, all members of congress, the cabinet and the supreme court justices all located in the Capital building. So the plan is during the speech we should lock all the doors, put bars up on the windows and post a sign stating this is now the Hope & Change Federal Prison.
 
2012-06-25 01:48:12 PM  

verbaltoxin: Mrtraveler01: Your 4 months late subby. 60 minutes already did a piece about this.

Not only that but there was a bill in Congress drafted to stop the practice, but of course it was completely defanged and amounted to a promise with one's fingers crossed to not try to become too rich on one's profitable connections and exposure to sensitive information about the economy.


I missed hearing that part. Now I'm pissed off again.
 
2012-06-25 02:23:36 PM  
No wonder Pelosi is so rich.

Those 1%er just keep up with their horrible unethical practices.

I guess she never drained her own swamp.
 
2012-06-25 03:01:02 PM  
rapacious scum who hold you and I in contempt. Tar and feather time?
 
2012-06-25 03:15:05 PM  
What would be great is if elected officials could not hold any stock, since their policy decisions could affect their profits.

But we all know the odds of that happening are the same as Congress saying the laws apply to them, too.
 
2012-06-25 04:29:39 PM  
This is news only to people who weren't paying attention last year, and the year before that, and the year before that.

Wasn't there just a big story about this about the same time that Justice Thomas got pilloried for not declaring his wife's income from a similar source?
 
2012-06-25 04:31:16 PM  
When do we stop laughing at and start arresting them?
 
2012-06-25 04:37:06 PM  

Eapoe6: When do we stop laughing at and start arresting them?


Unfortunately, probably never. America is too busy wondering who will win American Idol, and if they do care about politics, is most likely excusing their crooks (Democrats or Republicans) actions.
 
2012-06-25 09:15:37 PM  

Eapoe6: When do we stop laughing at and start arresting them?


When it actually becomes illegal and/or the SEC declares trading on the exchange by Congresspeople is automatically insider trading.
 
2012-06-25 10:40:46 PM  

verbaltoxin: Not only that but there was a bill in Congress drafted to stop the practice, but of course it was completely defanged and amounted to a promise with one's fingers crossed to not try to become too rich on one's profitable connections and exposure to sensitive information about the economy.


Lock. Box. You want to serve in Congress? Your assets and investments go into a blind trust. There hasn't been a president or cabinet member who wasn't made rich by this process.
 
2012-06-26 12:09:10 AM  

Pocket Ninja: Oh, and in case you actually feel like getting some detail and actual writing out of this: Link


Yeah...still not seeing anything on that site that hasn't been public knowledge for years.

machoprogrammer: But we all know the odds of that happening are the same as Congress saying the laws apply to them, too.


Hey, hey, hey! The laws DO apply to Congress. They just have their own special laws because of the special nature of their jobs.
 
2012-06-26 07:16:08 AM  

Gyrfalcon: Eapoe6: When do we stop laughing at and start arresting them?

When it actually becomes illegal and/or the SEC declares trading on the exchange by Congresspeople is automatically insider trading.


Oh, you still think the courts are valid. How child-like.
 
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