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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 OpportunityCost View Post
    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.
    They do have to submit to oversight. Putting themselves at security risk simply to try and plan for their retirement and the future of their family is excessive.
    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 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.
    Most congressional staffers are not becoming lobbyists, and certainly not the high paid kind. Congressmen do become lobbyists at times after they retire, but they are still required to post their investments online.
    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

    May I respectfully ask what point you are trying to make? Do you feel that anyone should have greater access to valuable information that others (like you and I) don't have?

    My point is that these people are purportedly serving their country. As far as I can tell, the purpose of politics has become a method of financial success as opposed to actual service. Millions are invested to win these positions, are they a kind of investment in their own right. Do you run for office to win the jackpot? Sadly, I think that is exactly what it has become, a money game, and damn little concern for the nation itself.

    As for their investments being online, does this happen the moment they make the trade? Could I (or you) see what they buy and buy at the same price (more or less) and thus negate their advantage? Can thy invest in a stock knowing that a contract will soon be forthcoming that will lift its value? Is this what they should be doing with their time?

    You've seen enough of me in the last year to (hopefully) know that I don't have a chosen side. I just want my country to prosper and for all boats to be lifted. I am very critical of our rulers based on their performance, not based on their suffix initial.

    I'm no expert on politics - or anything else for that matter. Sure, I have opinions© but I don't over-value them. I'm very amenable to changing my mind when someone else proposes something that makes more sense to me than my own thoughts. Until I'm otherwise convinced, I am of the opinion© that the rulers and their lackeys should not get an investment advantage. They shouldn't be buying stocks at all if there is any way they can influence the outcome of those stocks, directly or indirectly. Actions cause reactions. If you were able to take actions and gain from those reactions, should you be doing that instead of your job?






    Quote Originally Posted by Redress View Post
    Most congressional staffers are not becoming lobbyists, and certainly not the high paid kind. Congressmen do become lobbyists at times after they retire, but they are still required to post their investments online.

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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.
    Hey, that's not an obviously corrupt thing to do. Not at all. /epic sarcasm

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

    Quote Originally Posted by specklebang View Post
    May I respectfully ask what point you are trying to make? Do you feel that anyone should have greater access to valuable information that others (like you and I) don't have?

    My point is that these people are purportedly serving their country. As far as I can tell, the purpose of politics has become a method of financial success as opposed to actual service. Millions are invested to win these positions, are they a kind of investment in their own right. Do you run for office to win the jackpot? Sadly, I think that is exactly what it has become, a money game, and damn little concern for the nation itself.

    As for their investments being online, does this happen the moment they make the trade? Could I (or you) see what they buy and buy at the same price (more or less) and thus negate their advantage? Can thy invest in a stock knowing that a contract will soon be forthcoming that will lift its value? Is this what they should be doing with their time?

    You've seen enough of me in the last year to (hopefully) know that I don't have a chosen side. I just want my country to prosper and for all boats to be lifted. I am very critical of our rulers based on their performance, not based on their suffix initial.

    I'm no expert on politics - or anything else for that matter. Sure, I have opinions© but I don't over-value them. I'm very amenable to changing my mind when someone else proposes something that makes more sense to me than my own thoughts. Until I'm otherwise convinced, I am of the opinion© that the rulers and their lackeys should not get an investment advantage. They shouldn't be buying stocks at all if there is any way they can influence the outcome of those stocks, directly or indirectly. Actions cause reactions. If you were able to take actions and gain from those reactions, should you be doing that instead of your job?
    I think you may still be laboring under the impression that the change in the bill was for congressmen. It was not. The people at issue are staffers, who are certainly not spending millions to get their job. Congressmen, under the change, still have to post their transactions online.
    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.

  6. #36
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    Re: Congress votes to eliminate key requirement of insider trading law

    OK, I got it.

    The staffers have a lot of opportunity to benefit from working for the elected officials. The reason there is a law against insider trading is to (attempt to) insure a level playing field. I'm glad they finally made some effort to cut back on this. Took until 2012 to even prohibit this.



    Quote Originally Posted by Redress View Post
    I think you may still be laboring under the impression that the change in the bill was for congressmen. It was not. The people at issue are staffers, who are certainly not spending millions to get their job. Congressmen, under the change, still have to post their transactions online.

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

    IMO no one is above the law, nor should an elected leader see their position as an opportunity to aggrandize themselves.

    I'm also opposed to their being able to park anywhere in DC without being ticketed/towed. We're Americans, we abhor the notion of royalty or special classes.

    Quote Originally Posted by Fisher View Post
    Because I personally do not think that it is good as is that people can go to legistorm and look up all their co-workers pay. I think it drives up Congressional staff pay and breeds discontent. It is none of my business where by Congressman's staff invests their money. It is their money.
    How do you feel about regular citizens insider trading? I mean its their money...
    Haymarket's "support" of the 2nd Amendment, a right he believes we never had.
    Quote Originally Posted by haymarket View Post
    no. You cannot lose rights you do not have in the first place. There is no such thing as the right to have any weapon of your choice regardless of any other consideration. It simply does not exist.

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

    Anyone find the bill number, and read the actual bill, or are you trusting a reporter?

    I hope nobody is trusting a reporter...

  9. #39
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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Redress View Post
    They do have to submit to oversight. Putting themselves at security risk simply to try and plan for their retirement and the future of their family is excessive.
    Not when their ability to profit is just as great as Congressman, arguably even greater since they often write the laws and have a greater understanding of them. So I still am going for the blind trust argument or open oversight with infractions becoming public knowledge whether the ethics committee acts on them or not.

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

    Quote Originally Posted by azgreg View Post
    if I read the article right they still have to report any securities trades over $1000 just not post them online.
    If that's the case, then Opensecrets.org can put them online like they do all the other money shenanigans going on in our government.
    Quote Originally Posted by Moderate Right View Post
    The sad fact is that having a pedophile win is better than having a Democrat in office. I'm all for a solution where a Republican gets in that isn't Moore.

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