Congress Quietly Repeals Congressional Insider Trading Ban

I don't have the link but relevant. A different slant.

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Hedge funds are finding that Washington can be a gold mine of market-moving information, easily gathered by the politically connected. The funds are hiring lobbyists -- not to influence government, but to tell them what it's going to do. Several lobbying firms are ramping up their "political-intelligence" units and charging hedge funds between $5,000 and $20,000 a month for tips and predictions.

The Securities and Exchange Commission is looking into whether laws are being broken somewhere in the transfer of information between Congress and Wall Street. It's not illegal for lawmakers to disclose information that is not publicly known about the workings of Congress, even if it could affect stock prices. It breaks congressional ethics rules only if they or their aides profit directly.
 
Dear Rabble and Loathsome Unwashed,

We in Congress are better than all you scum.

We come here to set ourselves and our families up for life - not to service you or the needs of the country!!

Once we make the connections and do the favors of our donors, we won't have to listen to you serfs whine - we will be walking through the revolving doors of the connections we made.

So STFU and stop complaining you lowlife POS'!!!

Sincerely yours, your Senators and Congressmen.


:D
 
turn around any way you like but this is the fact supported by history - corruption is at extreme levels in western society and therefore western system as we know it today will not be around much longer.

it may be replaced by slavery, it may blow off in french revolution style.
 
Quote from 4thaugust1932:

Insider trading is/was never illegal.
http://cnbc.com/id/43471561
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Makes me furious
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"That's because the SEC has largely determined that trading stocks based on advance knowledge of action in Congress is not insider trading.

If anything, it's "outsider" trading — buying and selling shares based on knowledge of an outside force that's about to hit a company's share value. "
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I'd like to see the SEC statement on that because I just cant believe it. "An outside force that's about to hit a company's share value" could be an unsolicited buyout bid. An FDA drug approval. The FED's decision to raise rates or keep them steady.

No, the "justification" for it (if you can call it that) that I have read was that Congress claims that its dealings are available via the Freedom of Information Act, so all of it is public info. Yea, public a month of 6 later. After a DOJ subpoena in some cases!

I dont have a link because even that info was very hard to find after much digging about a year ago when the 60 minutes piece broke that exposed this BS.

Makes me absolutely furious.
 
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