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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Both parties and both houses of Congress hated the disclosure portion of the law so much that it was repealed on Friday without debate—the measure was sent to the president by unanimous consent.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.