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(NPR)   While everyone has been arguing over whether the Boston Marathon bombings were done by home-grown terrorists or Islamists, Congress quietly signs a law to repeal the ban on Insider Trading for Congress   (npr.org) divider line 75
    More: Asinine, Boston Marathon, Islamists, congresses, Majority Leader Eric Cantor, repeal, Public Citizen  
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9184 clicks; posted to Main » on 17 Apr 2013 at 8:18 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-17 08:20:16 AM  
And they'll get away with it, too. When are we going to get the pitchforks and torches and put these assholes out to pasture?
 
2013-04-17 08:21:31 AM  
And people will still vote for these assholes...
 
2013-04-17 08:22:25 AM  
Good, the less they have to worry about money, the more effort they can put into doing what is right for our country.  I hope the next thing they do is give themselves raises so they can put even more effort into doing what is right for the country.
 
2013-04-17 08:22:48 AM  
http://en.wikipedia.org/wiki/R._Foster_Winans

Insider trading laws are farked up to begin with.  This guy had ZERO insider knowledge and only picked stocks for a newspaper column.  He spent two years in jail for telling a friend in advance what stocks he was picking, as invariably after the articles were published the stock prices would go up.
 
2013-04-17 08:23:31 AM  
Reading comprehension fail, 9 months in federal prison.
 
2013-04-17 08:24:22 AM  
It's not even just congress--the farking president signed it.

The major difference I find between democrat and republican lawmakers (not voters) is that Republicans seem to not even try to Hide the fact they are mostly there to help out their rich buddies and companies.
 
2013-04-17 08:24:40 AM  
Before I decide if this is good or bad, I need to know if a higher proportion of Democrats voted for this or a higher proportion of Republicans.
 
2013-04-17 08:24:59 AM  

van1ty: Reading comprehension fail, 9 months in federal prison.


Doh. Can we still do the pitchforks and torches party?

/haven't had my coffee yet
 
2013-04-17 08:26:51 AM  

van1ty: Insider trading laws are farked up to begin with.


They are strict, but necessarily strict. Not enforcing insider trading laws tends to lead to very bad outcomes for society.

And it's not like it's THAT hard to not violate them, just don't farking use inside information to play the stock market.
 
2013-04-17 08:27:45 AM  

TimonC346: It's not even just congress--the farking president signed it.

The major difference I find between democrat and republican lawmakers (not voters) is that Republicans seem to not even try to Hide the fact they are mostly there to help out their rich buddies and companies.


Democrats are pretty brazen about it too.  They just have better marketing.  FFS, Pelosi appointed as Chair to the Judiciary Committee a guy who solicited (not just accepted, he went out and actively solicited) bribes while serving as a Federal judge.

The only thing worse than our system is the alternative, I guess.
 
2013-04-17 08:27:48 AM  
So they didn't actually repeal the ban... but you have to read to the last paragraph to find that out...
 
2013-04-17 08:28:18 AM  

van1ty: Reading comprehension fail, 9 months in federal prison.


This.
 
2013-04-17 08:29:16 AM  
Like anyone at the SEC bothers to do anything but watch porn.
 
2013-04-17 08:30:09 AM  

van1ty: http://en.wikipedia.org/wiki/R._Foster_Winans

Insider trading laws are farked up to begin with.  This guy had ZERO insider knowledge and only picked stocks for a newspaper column.  He spent two years in jail for telling a friend in advance what stocks he was picking, as invariably after the articles were published the stock prices would go up.


Yes.  He told somebody else about information that would alter the value of investments before that information was available to the general public and he made money on the deal. That guy acted on the information and thus made money buying the picks before the average investor could be aware

That IS and SHOULD BE a crime.
 
2013-04-17 08:30:35 AM  
proof the terrorist was a muslim foreigner born in Kenya
 
2013-04-17 08:31:03 AM  
They gutted the STOCK act. They didn't repeal it.

Still, this is one of those sneaky, ugly things that makes younger people lose faith in government to the point that they no longer care. The game is so incredibly rigged that it's easy to be apathetic.
 
2013-04-17 08:31:48 AM  

reillan: So they didn't actually repeal the ban... but you have to read to the last paragraph to find that out...


No, but they made it more difficult for it to be caught and publicized.  Disclosures are more important than you'd think.  Every few years an Alaskan Republican Senator or Representative seems to get caught up in some kickback scheme and it's usually because of information found in disclosures.
 
2013-04-17 08:32:10 AM  
Reading is good for you, subby. You should practice it more often.

No. They did not repeal the ban on insider trading.

FTA: "Still, two major elements of the law remain. Insider trading is illegal, even for members of Congress and the executive branch. And for those who are covered by the now-narrower law, disclosures of large stock trades are required within 45 days. It will just be harder to get to them."

They changed the transparency aspect of the law.
 
2013-04-17 08:32:40 AM  

van1ty: http://en.wikipedia.org/wiki/R._Foster_Winans

Insider trading laws are farked up to begin with.  This guy had ZERO insider knowledge and only picked stocks for a newspaper column.  He spent two years in jail for telling a friend in advance what stocks he was picking, as invariably after the articles were published the stock prices would go up.



I DNRTFLA but if you are a congressman and subject to laws regarding financial transactions, maybe you should STFU about financial transactions. I am not denying this guy got screwed for no good reason, but to err on the side of caution is the prudent choice for a person in public office.

Or, you know, don't hold public office, nobody forced him into that position.
 
2013-04-17 08:33:33 AM  

Incontinent_dog_and_monkey_rodeo: Like anyone at the SEC bothers to do anything but watch porn.


I'm sorry. I'm new here. Is this where I make a football joke?
 
2013-04-17 08:34:03 AM  
While everyone has been arguing over whether the Boston Marathon bombings were done by home-grown terrorists or Islamists, Congress quietly signs a law to repeal the ban on Insider Trading for Congress.

Except, no.
They didn't.
The ban on insider trading is still there.

/outrage interruptus
 
2013-04-17 08:35:15 AM  

secularsage: They gutted the STOCK act. They didn't repeal it.

Still, this is one of those sneaky, ugly things that makes younger people lose faith in government to the point that they no longer care. The game is so incredibly rigged that it's easy to be apathetic.


QFT.  You've earned a favorite in my book just for this statement.
 
2013-04-17 08:35:18 AM  
The opposite of Progress is Congress.
 
2013-04-17 08:35:42 AM  
Repeal and ban in the same sentence.
 
2013-04-17 08:36:00 AM  

secularsage: They gutted the STOCK act. They didn't repeal it.

Still, this is one of those sneaky, ugly things that makes younger people lose faith in government to the point that they no longer care. The game is so incredibly rigged that it's easy to be apathetic.


I worked as a lobbyist for two-and-a-half years.  Eyes opened.  I don't think anyone but a stark raving mad idiot can do that and remain blindly partisan.  The two parties are both a) incredibly corrupt and b) have some really great people associated with them.
 
2013-04-17 08:36:09 AM  
And yet our leaders wonder why people would feel so disenfranchised that they would be motivated to set off bombs in a public place.
 
2013-04-17 08:36:38 AM  

pxlboy: And they'll get away with it, too. When are we going to get the pitchforks and torches and put these assholes out to pasture?


There will be no revolution until the food runs out, sadly.  When the peasants can't eat tacos, pizza, or triple bacon cheeseburgers, the people will descend  on Washington like a fleet of interstate buses.
 
2013-04-17 08:38:05 AM  
Congress signs laws now?
 
2013-04-17 08:38:16 AM  
It was both the Congress and the President who changed it. Funny, the Republicans ciukd use this to embarrass Obama except they'd also embarrass themselves since they wanted this law watered down also.
 
2013-04-17 08:39:30 AM  

Donnchadha: Incontinent_dog_and_monkey_rodeo: Like anyone at the SEC bothers to do anything but watch porn.

I'm sorry. I'm new here. Is this where I make a football joke?



No, Donnchadha's point is that it doesn't matter what the laws are. No one's going to act on them. SEC porn (Yes, it's SFW.)

/But feel free to make a football joke, anyway.
 
2013-04-17 08:42:05 AM  
8/10 for subby. He got plenty of bites for that one.
 
2013-04-17 08:46:20 AM  
Won't someone please think of the Congresscritters?  How else can they line their pockets?
 
2013-04-17 08:46:57 AM  
would you trade 9 months in a federal prison to come home to the millions of dollars?
 
2013-04-17 08:46:58 AM  

ltdanman44: pxlboy: And they'll get away with it, too. When are we going to get the pitchforks and torches and put these assholes out to pasture?

There will be no revolution until the food runs out, sadly.  When the peasants can't eat tacos, pizza, or triple bacon cheeseburgers, the people will descend  on Washington like a fleet of interstate buses.


Smelly, overcrowded, and stopping at every liquor store on the way?
 
2013-04-17 08:54:15 AM  
Hey you farking sheep - How are those republicans and democrats working out for you?
 
2013-04-17 08:55:44 AM  
farking disgusting. Thanks for signing that shiat Obama, makes my decision to never farking vote again seem like the right choice.
 
2013-04-17 08:56:10 AM  

InfrasonicTom: would you trade 9 months in a federal prison to come home to the millions of dollars


Unless you're the guy from the wiki article. Then you only came home to $31,000, that was likely seized when he was convicted.
 
2013-04-17 08:57:32 AM  

ltdanman44: pxlboy: And they'll get away with it, too. When are we going to get the pitchforks and torches and put these assholes out to pasture?

There will be no revolution until the food runs out, sadly.  When the peasants can't eat tacos, pizza, or triple bacon cheeseburgers, the people will descend  on Washington like a fleet of interstate buses.


In their hoverrounds?

/extra big-ass fries
 
2013-04-17 09:00:34 AM  

NumberFiveIsAlive: And people will still vote for these assholes...


Well, it's either these assholes or those other assholes who would do the exact same thing if they win the elections.
 
2013-04-17 09:03:31 AM  
We folks are supposed to not take advantage of the Boston Massacre part two for any reason. Yet, Congress chooses now to gut this ban that keeps them and their cronies from rigging the market in their favor and making even more money while not doing the job we sent them there for.

Sometimes it is hard to keep from becoming a conspiracy nut...
 
2013-04-17 09:06:19 AM  
Is there really a reason why they want to make insider trading legal, aside from the fact that they're criminal assholes?
 
2013-04-17 09:06:33 AM  

pxlboy: And they'll get away with it, too. When are we going to get the pitchforks and torches and put these assholes out to pasture?




You sound angry.
...angry at the government.
...and demanding people take action.

How long has it been since you last plotted against America, citizen?

/which is why nothing can ever happen.
/the left believes in bloodless revolution against tyrants, the right believes in conformity to authority.
/the side with the guns will never revolt and the side with the ideals refuses to buy guns.
 
2013-04-17 09:13:07 AM  

way south: pxlboy: And they'll get away with it, too. When are we going to get the pitchforks and torches and put these assholes out to pasture?

You sound angry.
...angry at the government.
...and demanding people take action.

How long has it been since you last plotted against America, citizen?

/which is why nothing can ever happen.
/the left believes in bloodless revolution against tyrants, the right believes in conformity to authority.
/the side with the guns will never revolt and the side with the ideals refuses to buy guns.


Che Guevera and Timothy McVeigh would like a word with you.  There have been plenty of bloody leftist revolutions and plenty of right-wingers striking out at authority.
 
2013-04-17 09:13:33 AM  

InfrasonicTom: would you trade 9 months in a federal prison to come home to the millions of dollars?


Insider trading has triple penalties -- if you're convicted of making 5 millions, you owe 15 million in penalties and it is the only place I know of in our law where the accused is assumed guilty unless they can prove they are innocent.
 
2013-04-17 09:15:15 AM  
For those who couldn't be arsed to read the article all the way through OR the thread...

Still, two major elements of the law remain. Insider trading is illegal, even for members of Congress and the executive branch. And for those who are covered by the now-narrower law, disclosures of large stock trades are required within 45 days. It will just be harder to get to them.

This is to prevent scammers from being all scammy with the info. WTF NPR?! Leaving the crucial details until the last line? What is this... Fox news?

/reading is hard
 
2013-04-17 09:16:58 AM  
Good thing President Obama would never sign such a farce it into law.
 
2013-04-17 09:18:58 AM  

FLMountainMan: way south: pxlboy: And they'll get away with it, too. When are we going to get the pitchforks and torches and put these assholes out to pasture?

You sound angry.
...angry at the government.
...and demanding people take action.

How long has it been since you last plotted against America, citizen?

/which is why nothing can ever happen.
/the left believes in bloodless revolution against tyrants, the right believes in conformity to authority.
/the side with the guns will never revolt and the side with the ideals refuses to buy guns.

Che Guevera and Timothy McVeigh would like a word with you.  There have been plenty of bloody leftist revolutions and plenty of right-wingers striking out at authority.


Which state did Che Guevara live in again?
 
2013-04-17 09:21:39 AM  

here to help: For those who couldn't be arsed to read the article all the way through OR the thread...

Still, two major elements of the law remain. Insider trading is illegal, even for members of Congress and the executive branch. And for those who are covered by the now-narrower law, disclosures of large stock trades are required within 45 days. It will just be harder to get to them.

This is to prevent scammers from being all scammy with the info. WTF NPR?! Leaving the crucial details until the last line? What is this... Fox news?

/reading is hard


Reading isn't hard.  It's believing that Congress and the Senate isn't a group of self-serving, back stabbing, two faced, scum sucking revolting thieves that's hard.

Which is pretty good for me.  If I were to fully reveal my utter revulsion for this class of thief I would be banned from FARK
 
2013-04-17 09:21:56 AM  

FLMountainMan: Before I decide if this is good or bad, I need to know if a higher proportion of Democrats voted for this or a higher proportion of Republicans.


Of the over 500 law makers who voted onthe bill in the House and Senate, only 5 voted against guttin ghte act. 4 Republicans and 1 Democrat. It's pretty bleak no matter how you look at it.
 
2013-04-17 09:25:00 AM  

Marcintosh: Reading isn't hard. It's believing that Congress and the Senate isn't a group of self-serving, back stabbing, two faced, scum sucking revolting thieves that's hard.

Which is pretty good for me. If I were to fully reveal my utter revulsion for this class of thief I would be banned from FARK


I don't like the greasy little weasels either but pissing in the pool of truth does not help. In fact it makes it harder to root out real problems.
 
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