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Thread: Congress votes to eliminate key requirement of insider trading law

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Cardinal View Post
    You don't think there should be greater transparency in how congressmen profit while serving their terms?
    I think govt should be smaller so that there is less opportunity for congressman to profit, and there should be shorter terms so their is less time for congressman to profit.

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by jonny5 View Post
    I think govt should be smaller so that there is less opportunity for congressman to profit, and there should be shorter terms so their is less time for congressman to profit.
    So your concern is not with how elected representatives can take advantage of knowledge and profit from it in a way that no one else is allowed to, but how long they can profit from it? This is a rather odd set of priorities.

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Cardinal View Post
    So your concern is not with how elected representatives can take advantage of knowledge and profit from it in a way that no one else is allowed to, but how long they can profit from it? This is a rather odd set of priorities.
    Not at all. Power corrupts. So give them less power. Problem solved.

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by jonny5 View Post
    Not at all. Power corrupts. So give them less power. Problem solved.
    So let me get this straight: you expect the same people who struck down a law making their profiteering off the system more transparent to also pass laws limiting the lengths of their terms?

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Cardinal View Post
    So let me get this straight: you expect the same people who struck down a law making their profiteering off the system more transparent to also pass laws limiting the lengths of their terms?
    You seem to be confused since you did not read your source article. Let me quote from it:

    The president, vice president, Cabinet secretaries, deputy secretaries, as well as members of Congress and candidates for Congress, would still need to post their financial transactions online.
    The change applies to staff, not Congressmen and Senators. The objection is actually a fairly legitimate one too, that posting financial transactions online would be a security issue.

    Once again folks, it is always best to read the source material as the person starting a thread might either not have read it himself, or might be lying about it. It rarely takes long to read a source and almost half the time, there are details contained within that present a somewhat different picture from what the person posting the source is presenting.
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    Re: Congress votes to eliminate key requirement of insider trading law

    Why are they allowed to trade at all? They obviously use insider information that the rest of us would be jailed for.



    Quote Originally Posted by Redress View Post
    You seem to be confused since you did not read your source article. Let me quote from it:



    The change applies to staff, not Congressmen and Senators. The objection is actually a fairly legitimate one too, that posting financial transactions online would be a security issue.

    Once again folks, it is always best to read the source material as the person starting a thread might either not have read it himself, or might be lying about it. It rarely takes long to read a source and almost half the time, there are details contained within that present a somewhat different picture from what the person posting the source is presenting.

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    Re: Congress votes to eliminate key requirement of insider trading law

    I'm curious, under the legislation, if you get your insider information from one of the exempt sources, let's say a congressional staffer, are you still guilty of insider trading or can only the congressional staffer legally screw the system?

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by specklebang View Post
    Why are they allowed to trade at all? They obviously use insider information that the rest of us would be jailed for.
    Because they have the same right to make money as any one else. Congress will still have to submit their trades to oversight and post them online, staffers still have to submit their trades to oversight. Do you think working for the government should mean you are not allowed to invest for your retirement and eliminates your right to privacy?
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    Quote Originally Posted by Fiddytree View Post
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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by CanadaJohn View Post
    I'm curious, under the legislation, if you get your insider information from one of the exempt sources, let's say a congressional staffer, are you still guilty of insider trading or can only the congressional staffer legally screw the system?
    Yes, and if the congressional staffer buys stocks based on their insider knowledge, that would be illegal too.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Redress View Post
    Yes, and if the congressional staffer buys stocks based on their insider knowledge, that would be illegal too.
    Good catch - thanks - I'd misread the lead and didn't notice it was only related to posting transactions, not the actual transactions themselves.

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