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Old November 15th, 2011, 01:48 PM   #1 (permalink)
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Default Congress Insider Trading

I did not know this. Insider trading is legal if you are a congressman or woman. They can build fortunes doing what you or I would go to jail for doing.

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Old November 18th, 2011, 01:10 PM   #2 (permalink)
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This surprises you? They also get to vote their own pay raises, wish I had the freedom Congress has!

The time has come to remove the power from our elected officials and put it back where it belongs, in our hands. Congress needs to be under our control, not the other way around and they need to be under stricter legal scrutiny than we are.
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Old November 18th, 2011, 01:23 PM   #3 (permalink)
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Originally Posted by SamuraiBigEd View Post
This surprises you? They also get to vote their own pay raises, wish I had the freedom Congress has!

The time has come to remove the power from our elected officials and put it back where it belongs, in our hands. Congress needs to be under our control, not the other way around and they need to be under stricter legal scrutiny than we are.
Yes, I was genuinely taken aback. And yes, I completely agree with you. I hope it becomes a bigger story.
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Old November 20th, 2011, 01:11 AM   #4 (permalink)
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I didn't see the 60 minutes piece on it but how is it insider trading since all bills passed are public?

The 2 examples I heard about were pretty weak and if that's the best they can come up with then I'm not sure it's much of a concern.
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Old November 20th, 2011, 02:08 AM   #5 (permalink)
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I didn't see the 60 minutes piece on it but how is it insider trading since all bills passed are public?

The 2 examples I heard about were pretty weak and if that's the best they can come up with then I'm not sure it's much of a concern.
Congress has access to information we do not have access to. You or I trade on insider information, we go to jail. This is a a fact. Congress is exempt from such laws.

Congress can trade stocks based upon pending laws, legislation and regulation. They basically wrote the laws and the exemptions.

Not illegal because no laws were broken. Absolutely unfair because they write laws to put people that do trade in inside information in jail. You really think that is fair?
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Old November 22nd, 2011, 10:24 PM   #6 (permalink)
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It's almost like a gambler going to a poker table and placing his/her bets and based on his/her hand making up the rules, at least that's how I see it. It's not just stock either. They do it with real estate. Buy up some land near a proposed development that's awaiting zoning laws or government money to build a highway. Yes our leaders are corrupt, but it's been going on for so long the question then becomes how do we stop it if they're the ones that put the rules in place?
 
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Old November 23rd, 2011, 10:02 AM   #7 (permalink)
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It's almost like a gambler going to a poker table and placing his/her bets and based on his/her hand making up the rules, at least that's how I see it. It's not just stock either. They do it with real estate. Buy up some land near a proposed development that's awaiting zoning laws or government money to build a highway. Yes our leaders are corrupt, but it's been going on for so long the question then becomes how do we stop it if they're the ones that put the rules in place?
There is only one way to stop it, we exercise our right to replace our current government!
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Old November 23rd, 2011, 05:13 PM   #8 (permalink)
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There is only one way to stop it, we exercise our right to replace our current government!

The only problem is we're so divided, and that makes it easier for them to retain their power.
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Old November 23rd, 2011, 05:29 PM   #9 (permalink)
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The only problem is we're so divided, and that makes it easier for them to retain their power.
and this is the root of the entire problem...... not that we are divided... because being divided makes for a better system in theory.......... the problem is they know we are SO divided.... which there again in and of itself isnt a problem except its easy to play into our fears and greed

they can easily retain power simply through buying votes with pet projects and appropriations........ both sides of the aisle

not singling out either side but take for instance Charlie Rangel......... despised even among the blacks in his district........ yet he continues to get elected and remain popular because he brings $billions$ to his district in appropriations....... same story for most of them in Washington (as I said.. both sides of the aisle)

like the old saying goes........

'Show me an honest man in Washington and Ill show you a 3 eyed 6 winged unicorn that farts leprechauns'........... least I think thats how it goes
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Old November 24th, 2011, 02:17 PM   #10 (permalink)
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The only problem is we're so divided, and that makes it easier for them to retain their power.
Sad but true. But even if we managed to organize it still wouldn't go easy, the politicians aren't just going to roll over and give up.
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Old November 24th, 2011, 02:29 PM   #11 (permalink)
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Sad but true. But even if we managed to organize it still wouldn't go easy, the politicians aren't just going to roll over and give up.
I think I have to disagree with you.

In my view, the last thing politicians want is a country that knows the laws and has read the founding documents and votes in the 95% or higher percentile. They do not want people that pay attention to campaign promises and vote the bums out if those promises are conveniently forgotten.

Then again, we still need education and less selfishness as far as voters go.

For example, if we grow tired of depending on foreign oil and demand that we start drilling in this country, existing laws will be changed and new laws, rules, and regulations will be passed that put drillers to work.

When educated voters vote in mass, politicians listen because their cushy jobs depend on staying in office.

Special interest groups and lobbyists do not matter much. No matter how many millions they funnel into campaigns, politicians are still voted into office.
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Old December 15th, 2011, 10:39 PM   #12 (permalink)
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It appears that insider trading by politicians is already illegal, just not enforced.
Column: Congress insider trading is illegal ? USATODAY.com

There's nothing prohibiting oil drilling on private land, there are restrictions to drill on public property, some of these restrictions do limit the privatization of public wealth, which is an additional cost to the oil industry. Regardless, if there were no restrictions on oil drilling on public land, the oil extracted would amount to a drop in the barrel of our current oil consumption. The example raised is a meaningless and without substance.
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Old December 16th, 2011, 11:00 PM   #13 (permalink)
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I have to agree with BigEd on this. Time for a new congress. I don't know if anyone of you is following the SOPA bill, but from what I've read, at at least one point, a member of congress said something along the lines of "All of our votes were paid for already, why are we here?"... O.O wow.

Unfortunately, not really surprised.
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Old December 21st, 2011, 08:09 PM   #14 (permalink)
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"Men naturally rebel against the injustice of which they are victims. Thus, when plunder is organized by law for the profit of those who make the law, all the plundered classes try somehow to enter -- by peaceful or revolutionary means -- into the making of laws. According to their degree of enlightenment, these plundered classes may propose one of two entirely different purposes when they attempt to attain political power: Either they may wish to stop lawful plunder, or they may wish to share in it.

Woe to the nation when this latter purpose prevails among the mass victims of lawful plunder when they, in turn, seize the power to make laws!"

Frederic Bastiat; The Law(1850)
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Old December 22nd, 2011, 11:14 AM   #15 (permalink)
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For example, if we grow tired of depending on foreign oil and demand that we start drilling in this country, existing laws will be changed and new laws, rules, and regulations will be passed that put drillers to work.
As a petroleum engineer I feel obligated to answer this. We will be off foreign oil by 2015/16. Everywhere this is oil or natural gas its booming. And it's all because of fracking, which is another big "zomgwereallgoingtodiebecausesomeonedidadocumentry aboutbeingabletolightwellwateronfire!!!!!!!"

All our old oilmen are back to work, and we need thousands more. Offshore I think has started back up too. I was part of the lobby that met with Hilliary Clinton to show how the Katrina affected areas would benefit. I also gave her testimony on how Deepwater Horizon was completely the fault of BP. BP gives our whole industry a bad name.
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Old June 24th, 2012, 11:07 PM   #16 (permalink)
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Fire your financial adviser, one only needs to emulate the greatest investors on the planet. Buffet should hang his head in shame when comparing his return to the true masters of investing.

Members of Congress trade in companies while making laws that affect those same firms - The Washington Post

"Almost one in every eight trades 5,531 intersected with legislation. The 130 lawmakers traded stocks or bonds in companies as bills passed through their committees or while Congress was still considering the legislation. The party affiliation of the lawmakers was almost evenly split between Democrats and Republicans, 68 to 62."
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Old June 25th, 2012, 01:05 PM   #17 (permalink)
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As a petroleum engineer I feel obligated to answer this. We will be off foreign oil by 2015/16. ...
Of course we'll need to import foreign water after destroying the water table.

U.S. proposes new rules for fracking on federal lands: Scientific American

"Fracking is exempt from Safe Drinking Water Act, except in cases where diesel is used as a fracking fluid."

So what is that secret sauce used in fracking ? How long does the cement casing last before it becomes a conduit for methane, among other chemicals, to leach into the water table ?

At this point fracking is cost shifting technology.
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Old September 5th, 2012, 12:18 PM   #18 (permalink)
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I think this justifies a certain bill that politicians in my country has long been pushing to pass, the Freedom of Information Bill. This bill aims to give the masses the power of information and the right to know where the money they pay the government for is going to. They do say that there are only two things in life that you can be sure of: that you will die, and that you will pay taxes nextpay.com. So, we should have the right to know on what our money is being used on which would immediately minimize illegal trading inside government offices and unnatural pay raises.
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Old September 6th, 2012, 12:09 AM   #19 (permalink)
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I'm guessing that you are referring to the Philippines.

Angara seeks media

"Media organizations have been urging Congress to enact the measure which will allow journalists to have easy access to public records and government information."
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