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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

    Yes, I do. People should be in politics to serve their country. As it is, the rewards are great. You can leave and become a lobbyist for some corporation, give speeches for $20K etc. and make your fortune later. But while you are purportedly "serving the nation", you shouldn't be "using the nation" for your personal profit. You should have no stocks - CDs would be fine.


    Quote Originally Posted by Redress View Post
    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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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by specklebang View Post
    Yes, I do. People should be in politics to serve their country. As it is, the rewards are great. You can leave and become a lobbyist for some corporation, give speeches for $20K etc. and make your fortune later. But while you are purportedly "serving the nation", you shouldn't be "using the nation" for your personal profit. You should have no stocks - CDs would be fine.
    Edit: I disagreed with you initially, but the potential for abuse is too fantastically high, and proving insider knowledge would be akin to impossible since privileged information would affect nearly everything they invest in. Keeping track of their investments would take oversight that would be overwhelming in time, cost and energy.
    Last edited by Cardinal; 04-24-13 at 02:54 PM.

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

    How does my idea prevent them for preparing for their retirement? Insider stock trading isn't the only way to earn a ROI. It's just inappropriate for the insiders to take advantage of it.

    Quote Originally Posted by Cardinal View Post
    I think it's a bit much to suggest they shouldn't be allowed to invest or prepare for your retirement, but I also think transparency should be greater for them and their staffers and their families as the potential for abuse is so high.

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

    Quote Originally Posted by Cardinal View Post
    Congress votes to eliminate key requirement of insider trading law CNN Political Ticker - CNN.com Blogs



    Look! Over there! Abortion, gay marriage and gun control!

    I had to learn about this from Jon Stewart, and even then I had to unbury it in a google search so I could link to a mainstream media story, only to find it had already happened on April 11. This shows that when you favor term limits, all you're really arguing about is how many years a congressman is able to secretly profit from insider stock trading.

    Bastards.

    And before anyone tries to make this a liberal vs. conservative issue, the extensions for the original STOCK act were passed in bipartisan votes and signed by Obama.
    The STOCK Act was modified on April 15, 2013, by S.716. This amendment removes the online disclosure portion of the STOCK Act, so that affected persons can no longer file online and these records are no longer easily accessible to the public. [11] The reasoning for this change was to prevent cyber criminals from gaining access to the financial data and using it against affected persons. This bill was introduced by Senator Harry Reid on April 11, 2013. It was considered by the Senate for 10 seconds and passed with unanimous consent. In the house, S.716 received only 14 seconds before being passed by unanimous consent.[12]

    STOCK Act - Wikipedia, the free encyclopedia


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

    Quote Originally Posted by specklebang View Post
    How does my idea prevent them for preparing for their retirement? Insider stock trading isn't the only way to earn a ROI. It's just inappropriate for the insiders to take advantage of it.

    see edit

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

    Quote Originally Posted by pbrauer View Post
    The STOCK Act was modified on April 15, 2013, by S.716. This amendment removes the online disclosure portion of the STOCK Act, so that affected persons can no longer file online and these records are no longer easily accessible to the public. [11] The reasoning for this change was to prevent cyber criminals from gaining access to the financial data and using it against affected persons. This bill was introduced by Senator Harry Reid on April 11, 2013. It was considered by the Senate for 10 seconds and passed with unanimous consent. In the house, S.716 received only 14 seconds before being passed by unanimous consent.[12]

    STOCK Act - Wikipedia, the free encyclopedia
    What special data would have been posted that could have been more potentially damaging (and exploited by cyber criminals) than, say, a politician making their tax returns public? I'm genuinely curious -- the wikipedia page doesn't explain and the article already provided that rationale (more or less).

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

    Quote Originally Posted by Cardinal View Post
    Congress votes to eliminate key requirement of insider trading law CNN Political Ticker - CNN.com Blogs



    Look! Over there! Abortion, gay marriage and gun control!

    I had to learn about this from Jon Stewart, and even then I had to unbury it in a google search so I could link to a mainstream media story, only to find it had already happened on April 11. This shows that when you favor term limits, all you're really arguing about is how many years a congressman is able to secretly profit from insider stock trading.

    Bastards.

    And before anyone tries to make this a liberal vs. conservative issue, the extensions for the original STOCK act were passed in bipartisan votes and signed by Obama.
    Seems about right. This is a great Status Quo law that will really go a long way towards benefiting the Aristocracy. But no one cares cause it's not "exciting" or whatever other reasons we use to excuse our ignorance and stupidity.
    You know the time is right to take control, we gotta take offense against the status quo

    Quote Originally Posted by A. de Tocqueville
    "I should have loved freedom, I believe, at all times, but in the time in which we live I am ready to worship it."

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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?
    No, I dont expect anything to change.

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

    If they are concerned about the security of federal employees, then redact the names and put in something like: 'Office of Representative X' and then any transaction that is of concern should be reviewed by an independent board. Then if there are issues, the perp can be punished. Congress people should have high standards, but they are public figures. Their staffers while powerful in their own way are still more private and should have some degree of privacy but they should still have a high level of accountability for their actions.

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

    Quote Originally Posted by Redress View Post
    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?
    Blind trust is one option.
    Limited transactions for pending legislation and submit it to oversight. Have it cross referenced with votes and committee actions via computer to red flag items for review is another. Loss o profit gained as the fine would seem to be just about right for penalties.

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