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Thread: Senate passes insider trading ban

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    Senate passes insider trading ban

    WASHINGTON (AP)–Sagging approval ratings brought Democrats and Republicans together Thursday, as the Senate passed a bill to explicitly prevent members of Congress, their top aides and administration officials from using non-public information for insider trading. New disclosure requirements will require public reports online within 30 days of buying and selling stock.

    The 96-3 vote sent the bill to the House, where Majority Leader Eric Cantor said the legislation would be considered next week.

    Senate passes insider trading ban
    This bill passed waaaaay to easily, which tells me that they're just going to ignore the hell out of it.

    This is the biggest joke of a bill since they passed the bill that mandated that cell phone chargers all have the same style of plug.
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    Re: Senate passes insider trading ban

    This is good news.Hopefully it becomes law.The same rules that apply everyone else should apply to elected officials.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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    Re: Senate passes insider trading ban

    Yes, I wonder about enforcement but it's still better than doing nothing I suppose.

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    Re: Senate passes insider trading ban

    I like it, they couldn't really vote against it without being suspected of insider trading.
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    Re: Senate passes insider trading ban

    The problem here is, we are only looking at ONE facet of the problem, and there are about 50 more facets.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Senate passes insider trading ban

    Quote Originally Posted by apdst View Post
    This bill passed waaaaay to easily, which tells me that they're just going to ignore the hell out of it.

    This is the biggest joke of a bill since they passed the bill that mandated that cell phone chargers all have the same style of plug.
    From what I understand.. there is a big ass loophole. If the money is invested in a widely held fund then this insider trading ban does not apply. So they can just put their money in widely held funds ahead of a big spike in some stocks.. and it is still legal and it is still insider trading.
    PeteEU

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    Re: Senate passes insider trading ban

    And it still fails to address the multitude of other ways companies can reward legislators for legislating in favor of said companies.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Senate passes insider trading ban

    Quote Originally Posted by KevinKohler View Post
    The problem here is, we are only looking at ONE facet of the problem, and there are about 50 more facets.
    Such as? Please explain. What are the rest of us missing?

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    Re: Senate passes insider trading ban

    Quote Originally Posted by Objective Voice View Post
    Such as? Please explain. What are the rest of us missing?
    Almost all of our "appointed" positions...those who get their jobs via a "choosing" by the elected reps...are former big corp cronies, from the likes of Goldman Sachs, Koch bros, etc. And a vast many of our elected reps, after their terms, get jobs AT said large corps...very high paying, cushy type jobs. Look this up for yourself, if you don't believe me.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Senate passes insider trading ban

    If they passed it with the intent of actually following/enforcing it, they should have added a rider providing funding for a new jail to house them.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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