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Author Topic: 60 Minutes Blows the Lid Off Congressional Insider Trading.....  (Read 1554 times)

Offline MMC

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60 Minutes Blows the Lid Off Congressional Insider Trading.....
« on: November 15, 2011, 08:31:46 AM »
'60 Minutes' Blows The Lid Off Congressional Insider Trading


From: Business Insider
'60 Minutes' Blows The Lid Off Congressional Insider Trading
Zeke Miller | Nov. 14, 2011, 7:52 AM
Members of Congress can legally make trades on non-public information they obtain during their official duties, CBS News' '60 Minutes' reported on Sunday night.

Branded 'honest graft,' lawmakers can use market-moving information that they learn in congressional committees to trade on the stock market — actions that likely would carry stiff jail and civil penalties if they did not hold public office.

Kroft also raises questions about the trading patterns of Speaker of the House John Boehner and House Minority Leader Nancy Pelosi — and the real estate purchases of other senators and representatives.

Pelosi fires back at report on 'insider trading'
CBS raises questions of conflict of interest among Republicans and Democrats alike in Congress
msnbc.com and NBC News
updated 41 minutes ago

A report on CBS' "60 minutes" on Sunday said Pelosi was among several lawmakers — including Republicans such as House Speaker John Boehner — who had profited from transactions that raised the possibility of conflicts of interest.

Washington, D.C. is a town that runs on inside information - but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it's time for the law to change.....snip~


If you guys would like to see how our Aristocracy does buisness.....I would recommend you watch the video. Legislation was writtten only 6 Congressmen backed it. When they held a hearing on it. No one Showed. Not one politican. It still comes up but is always buried. This was from this weekend. Looks like Our Lawmakers have been busted outright. Problem is it's not illegal. Yet!

Also benefits for the Pols even after they leave office. Including those that only last one or two terms. Yet when approached it doesnt matter which side of the aisle they are on. It's all about them and making that money. Never ever feeling that such is a conflict of interest.

"To destroy this invisible government, To dissolve this UNHOLY ALLIANCE between Corrupt Buisness and Corrupt Politics is the First task of the Statesmanship of the DAY" ~Theodore Roosevelt~ Steward of The People!

Offline Conley

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Re: 60 Minutes Blows the Lid Off Congressional Insider Trading.....
« Reply #1 on: November 15, 2011, 08:43:09 AM »
Yes, I've been following this for a long time. I don't expect it will change, the story comes up every few years. People are outraged and then it's back to business as usual.  >:(

"WASHINGTON—Chris Miller nearly doubled his $3,500 stock investment in a renewable-energy firm in 2008. It was a perfectly legal bet, but he's no ordinary investor.

Mr. Miller is the top energy-policy adviser to Nevada Democrat and Senate Majority Leader Harry Reid, who helped pass legislation that wound up benefiting the firm.

Jim Manley, a spokesman for Mr. Reid's office, initially defended Mr. Miller's purchase of shares in the company, Energy Conversion Devices Inc. He said the aide had no influence over tax incentives for renewable-energy firms, and that other factors boosted the stock."

http://online.wsj.com/article/SB10001424052748703431604575522434188603198.html
Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. -Eisenhower

Offline MMC

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Re: 60 Minutes Blows the Lid Off Congressional Insider Trading.....
« Reply #2 on: November 15, 2011, 09:36:51 AM »
http://politicalticker.blogs.cnn.com/2011/11/13/pelosi-fires-back-at-60-minutes-report-on-soft-corruption/



Pelosi and her husband participated in an initial public offering of Visa in 2008, according to CBS. They bought 5,000 shares at the initial price of $44; two days later, shares were trading at $64, CBS said.

The network reported the investment came at the same time a piece of legislation that was opposed by credit-card companies was making its way through the House.

"Congress has never done more for consumers nor has the Congress passed more critical reforms of the credit card industry than under the Speakership of Nancy Pelosi," Pelosi spokesman, Drew Hammill, said in a statement soon after the report aired Sunday night.

"It is very troubling that 60 Minutes would base their reporting off of an already-discredited conservative author who has made a career of out attacking Democrats," he added.....


Lmao looks like Pelosi was busted with her hand in the til. Btw did she ever explain just how she paid for the breast enlargement/enhancement. All one need do is take a loo at her when she came out of college. Did she think people would forget?


"To destroy this invisible government, To dissolve this UNHOLY ALLIANCE between Corrupt Buisness and Corrupt Politics is the First task of the Statesmanship of the DAY" ~Theodore Roosevelt~ Steward of The People!

Offline Conley

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Re: 60 Minutes Blows the Lid Off Congressional Insider Trading.....
« Reply #3 on: November 15, 2011, 10:01:25 AM »
A lot of IPOs do that, especially back in '08. The better question is how she got access to the initial offering as you have to know someone, but it's not a surprise she would have those connections. Often you are prohibited from selling for a certain period of time as well. I'm sure they could get much better dirt on her...
Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. -Eisenhower

Offline MMC

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Re: 60 Minutes Blows the Lid Off Congressional Insider Trading.....
« Reply #4 on: November 15, 2011, 10:26:49 AM »
A lot of IPOs do that, especially back in '08. The better question is how she got access to the initial offering as you have to know someone, but it's not a surprise she would have those connections. Often you are prohibited from selling for a certain period of time as well. I'm sure they could get much better dirt on her...

Well that piece of legislation, wants them to have to report their stocks every 90 days. I would have to agree with it. Plus both thoses Guys were for term limits. But listening to people call in on the radio all were for forcing these politicians to have to answer the questions constantly until they actually have to do something they don't want to. Either that or face recall, which the people who sent them there should be able to do. Screw all that BS they are protected once there.
"To destroy this invisible government, To dissolve this UNHOLY ALLIANCE between Corrupt Buisness and Corrupt Politics is the First task of the Statesmanship of the DAY" ~Theodore Roosevelt~ Steward of The People!

Offline Conley

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Re: 60 Minutes Blows the Lid Off Congressional Insider Trading.....
« Reply #5 on: November 15, 2011, 10:32:51 AM »
A lot of IPOs do that, especially back in '08. The better question is how she got access to the initial offering as you have to know someone, but it's not a surprise she would have those connections. Often you are prohibited from selling for a certain period of time as well. I'm sure they could get much better dirt on her...

Well that piece of legislation, wants them to have to report their stocks every 90 days. I would have to agree with it. Plus both thoses Guys were for term limits. But listening to people call in on the radio all were for forcing these politicians to have to answer the questions constantly until they actually have to do something they don't want to. Either that or face recall, which the people who sent them there should be able to do. Screw all that BS they are protected once there.

I would be all for term limits and a block on insider trading. Insider trading laws as they stand now are toothless, not only does Congress do it but all of Wall Street as well. The Securities and Exchange Commission is completely understaffed and truthfully has not been a priority for several administrations and likely never will.
Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. -Eisenhower

 


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