Forum Thread

Trust Your Government - Congressional Insider Trading

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  • Democrat
    Missouri
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    This evening 60 Minutes had a short report on Insider Trading that is done within Congressinal representatives. Because Representatives have close and often secretative information on stocks, they can react to changes in the markets prior to any other citizen that owns similar stock investments. I think 60 minutes may investigate this for a future report.

    I did a search on, "insider trading, congress", and received this dated April 13, 2013:

    "....the Stop Trading on Congressional Knowledge (STOCK) Act, a law passed last year designed to prevent insider trading among lawmakers and government officials by requiring them to post disclosures of their financial transactions online.
    Both parties and both houses of Congress hated the disclosure portion of the law so much that it was repealed on Friday without debate—the measure was sent to the president by unanimous consent. The ordeal took about 10 seconds in the Senate and 14 seconds in the House, according to official records.
    The STOCK Act would have required members of Congress, their aides, and other federal employees making more than $119,554 a year to disclose their financial dealings in an online database. It was supposed to prevent government officials from using insider knowledge about policy-making to profit from stock trades and other investments."

    As a Federal employee, I always had to submit a disclosure report the last 10 years of my career. As I understand, Congress does not want this information to go public in a public database for security reasons. Also, it appears that Congress still is required to submit a disclosure through the SEC, so that no insider trading occurs. I'm very skeptical of this allowance to Congress, because they are too close to having insider knowledge of stock holdings and can sell enough to cause other investors a loosing investment. If you remember Martha Stewart, who went to prison for five years on that very same insider trading and having knowledge to sell stocks before othe investors knew anything. She still says that it was because she was a successful woman and she was trading like anybody else when hearing news of some changes needed in her investments. I do this, but I use the media, investment magazines and papers such as, Wall Street Journal, Investment Business News, Forbes, Money and INK. My firends who also investment like I do provide me hints, which I investigate using search tools on the internet.

    The Problem with Congress is they have real secret information in business, because of all the lobbying conducted where big business courts Congress for Federal Funding and passage of bills in their direction. I think this criminal and Congress should held accountable just like Martha Stewart.

    I hope more of you all can ferret out this topic because it appears is getting hot in the press. President Obama appreas to have signed the repeal recently. Something is going wrong here.
  • Independent
    Dover, TN
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    I don't have the time to start a new post but here's a link to a local paper this morning.


    Army says no to more tanks, but Congress insists



    http://www.theleafchronicle.com/viewart/20130429/NEWS01/304290017/Army-says-no-...
  • Other Party
    Nebraska
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    I saw this article about the tanks a day or so ago. I noticed that it is bi-partisan corruption. It doesn't matter if you are a Democrat or a Republican, it only matters if enough of these tanks that the Army doesn't want or need are made in your district. Or if enough tank parts are made in your district.

    America has the best politicians that money can buy.
  • Independent
    Dover, TN
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    "America has the best politicians that money can buy" That's Great! Problem is I'm broke. Guess that leaves me and my kind S O L.
  • Democrat
    Missouri
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    If Congressman makes enough on stock insider sales, they can buy the tanks they want. Than, they can rent them to the Army if whenever the Army needs more tanks. As I understand, the Army says it doesn't need any tanks. So maybe Congressman that are being stroked by Wayne Lapierre and his NRA buddies, they now can have Gun Control approved tanks to hunt deer and those pesky squirrels.

    I don't want to give them ideas, but I wonder how many are saying, "what a great idea".
  • Independent
    Dover, TN
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    AmcmurryFreedom Wrote: If Congressman makes enough on stock insider sales, they can buy the tanks they want. Than, they can rent them to the Army if whenever the Army needs more tanks. As I understand, the Army says it doesn't need any tanks. So maybe Congressman that are being stroked by Wayne Lapierre and his NRA buddies, they now can have Gun Control approved tanks to hunt deer and those pesky squirrels.

    I don't want to give them ideas, but I wonder how many are saying, "what a great idea".
    I got to admit I had the mental picture. Then I read your last sentence. I had to laugh.