Ed says:
Buy it!
“Many voters also see members of Congress as knaves. Witness the recent piece on60 Minutes on CBS-TV about two weeks ago reporting on members of Congress who, while enacting laws bearing upon the stock market, used inside information — not available to the public — to purchase or sell stocks, making profits in the millions in some cases. Former Speaker Nancy Pelosi was alleged to be one such member. Apparently, members of Congress are not subject to insider information restrictions that apply to everyone else. It seems to me there is an easy way to prevent that abuse. Congress should require its members to place their stock portfolios in blind trusts, so members cannot use their insider information for themselves or others. Also passing whatever laws are needed to apply existing insider information rules to Congress, as well as the public.”
The full story is here.
MSNBC offers an important analysis of what is going on in Washington over the problem of congressional insider trading. As they point out, the big problem is going to be enforcing the law. The bottom line however is that the STOCK Act in my opinion does not go nearly far enough. It will not stop lucrative IPOs which are simply a form of legal bribery, and the act will do nothing about land deals. And do we honestly think that the Securities and Exchange Committee (SEC) or any agency is going to take on a powerful member of congress?
What do you know? Bachus (R., Ala.) and others NOW think a ban on congressional insider trading would be a good thing!
Lawmakers in both parties began rallying to the bill this week after CBS’s “60 Minutes” aired a program Sunday highlighting the lack of clear insider-trading rules for members of Congress and their aides.
…Rep. Louise Slaughter, the New York Democrat who proposed the insider-trading ban in 2006, says she now has 61 cosponsors for her bill. She had nine on Monday.
Check out the WSJ/Brody Mullins article here.
STOCK Act Faces Uphill Battle, And Doesn’t Go Nearly Far Enough
by Admin on November 25, 2011
in Commentary, Media
MSNBC offers an important analysis of what is going on in Washington over the problem of congressional insider trading. As they point out, the big problem is going to be enforcing the law. The bottom line however is that the STOCK Act in my opinion does not go nearly far enough. It will not stop lucrative IPOs which are simply a form of legal bribery, and the act will do nothing about land deals. And do we honestly think that the Securities and Exchange Committee (SEC) or any agency is going to take on a powerful member of congress?
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