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Thread: Pelosi fires back at '60 Minutes' report on 'soft corruption'

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    I knew that it was legal for politicians and those that work for them to engage in insider trading but........

    How is this BS going on? Craig Holman at consumer watchdog organization Public Citizen notes, “The Securities and Exchange Act does not apply to members of Congress, congressional staff, or even lobbyists. ” Outraged?

    Is Congress Trading Stocks on Inside Information? | Wall St. Cheat Sheet

    I wonder how many that find this wrong with vote to re-elect their current representative while claiming outrage?

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Quote Originally Posted by 1Perry View Post
    [...] Craig Holman at consumer watchdog organization Public Citizen notes, “The Securities and Exchange Act does not apply to members of Congress, congressional staff, or even lobbyists. ” Outraged? [...]
    Yup, although I'd need a better source on the lobbyists. I found this on Congress:

    Members of Congress are exempted from insider trading laws and thus can act on information they are bound to gain in the course of their congressional activities, although house rules [22] may consider it unethical.

    Insider trading - Wikipedia, the free encyclopedia

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Quote Originally Posted by Karl View Post
    Yup, although I'd need a better source on the lobbyists. I found this on Congress:
    Oh, that's fine... if something is unethical, you just do like Mr Sanders and sign your own waivers.

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Maybe this explains things considering Pelosi doesn't seem to be a fan of having a conscience.

    Pelosi whines about Catholics having “this conscience thing” « Hot Air

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Quote Originally Posted by 1Perry View Post
    Maybe this explains things considering Pelosi doesn't seem to be a fan of having a conscience.

    Pelosi whines about Catholics having “this conscience thing” « Hot Air
    No, explains nothing.

    To recap, I understand that Pelosi bought and sold some stock, at a profit, while a related bill was in the House. On top of that, it was an IPO on which is difficult to not make a profit. But that's it. Now perhaps that should not be allowed, and I would probably like to see it prohibited, but based on what has been presented I see no evidence of wrongdoing.

    In fact, I have never seen any conclusive evidence of wrongdoing on any of the right's attacks on Pelosi... just disjointed facts spun into a conspiracy, as appears to be the case in this instance. The airplane deal was a post-9/11 security issue mostly requested by the House Sergeant at Arms (and approved by others)[1], the airplane booze issue was for several CoDels (congressional delegations), some overseas IIRC[2], and the kids/family airplane rides are reimbursed[3]. So... the right's track record is dismal.

    1. snopes.com: Nancy Pelosi's Jet

    2. FactCheck.org : Pelosi’s Party Plane?

    3. FactCheck.org : Nancy Pelosi’s Personal Jet

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Doesn't insider trading require that someone use otherwise secret information to their advantage? If this is indeed true, then this wouldn't qualify. What congress is discussing and voting on is a matter of public record. I certainly disagree with a politician using their power for personal gain like this, but I don't think it qualifies as insider trading.
    Liberté. Égalité. Fraternité.

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Quote Originally Posted by Karl View Post
    No, explains nothing.

    To recap, I understand that Pelosi bought and sold some stock, at a profit, while a related bill was in the House. On top of that, it was an IPO on which is difficult to not make a profit. But that's it. Now perhaps that should not be allowed, and I would probably like to see it prohibited, but based on what has been presented I see no evidence of wrongdoing.
    The report wasnt about her specifically. Your arguement above is one example. Congress has created laws against insider trading and secifically excluded themselves from those laws. I believe that indeed does prove the gist of my arguement that Pelosi (and others in Congress that support this) are bereft of a conscience.

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Quote Originally Posted by Paschendale View Post
    Doesn't insider trading require that someone use otherwise secret information to their advantage? If this is indeed true, then this wouldn't qualify. What congress is discussing and voting on is a matter of public record. I certainly disagree with a politician using their power for personal gain like this, but I don't think it qualifies as insider trading.
    Congressman Smith is on the defense panel and knows they are about to back rewarding big contractor A a huge contract to build helicopters. Before that info is released he buys stock in big contractor A.

    Illegal for me, perfectly legal for Congressman Smith.

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Quote Originally Posted by Paschendale View Post
    [...] What congress is discussing and voting on is a matter of public record. [...]
    Maybe, maybe not. Some committees meet in closed session; some congressmen or staffers may know that a particular bill is about to be introduced (that could dramatically affect a particular industry or company).

    In general terms I would favor all congressman, key staffers, and lobbyists putting any investments into a blind trust for the duration of their employment.

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    Re: Pelosi fires back at '60 Minutes' report on 'soft corruption'

    Quote Originally Posted by 1Perry View Post
    [...] Congress has created laws against insider trading and secifically excluded themselves from those laws.
    That I oppose as well. Vehemently.

    Quote Originally Posted by 1Perry View Post
    I believe that indeed does prove the gist of my arguement that Pelosi (and others in Congress that support this) are bereft of a conscience.
    If you want to condemn congress in general, I'm there. If you want to condemn a specific congressperson, well, I'll need something that separates them from the pack.

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