View Poll Results: Should elected officials be allowed to trade stock when they have inside information?

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Thread: Should elected officials be allowed to trade stock when they have inside information?

  1. #1
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    Should elected officials be allowed to trade stock when they have inside information?

    Should elected officials be allowed to trade stock when they have inside information?


    Congress: Trading stock on inside information? - CBS News
    CBS News) Washington, D.C. is a town that runs on inside information - but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it's time for the law to change.

    The following is a script of "Insiders" which aired on Nov. 13, 2011. Steve Kroft is correspondent, Ira Rosen and Gabrielle Schonder, producers.
    The next national election is now less than a year away and congressmen and senators are expending much of their time and their energy raising the millions of dollars in campaign funds they'll need just to hold onto a job that pays $174,000 a year.

    Few of them are doing it for the salary and all of them will say they are doing it to serve the public. But there are other benefits: Power, prestige, and the opportunity to become a Washington insider with access to information and connections that no one else has, in an environment of privilege where rules that govern the rest of the country, don't always apply to them.
    "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

  2. #2
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    Re: Should elected officials be allowed to trade stock when they have inside informat

    I wasn't even allowed by the company I worked for to trade stock in other companies whose business I understood if it was possible that we would do business with them.

  3. #3
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    Re: Should elected officials be allowed to trade stock when they have inside informat

    The whole situation is absurd. Not only is legal for congress to do insider trading, but they clearly profit from it based on their returns. It it illegal for everyone else to do that, and for good reason. Congress is not above the law and there is no reason they should be allowed to get away with cheating.

  4. #4
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    Re: Should elected officials be allowed to trade stock when they have inside informat

    I don't understand how this isn't already illegal under insider trading laws. It should be though.
    If you build a man a fire, he'll be warm for a day.

    If you set a man on fire, he'll be warm for the rest of his life.

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    Re: Should elected officials be allowed to trade stock when they have inside informat

    Quote Originally Posted by molten_dragon View Post
    I don't understand how this isn't already illegal under insider trading laws. It should be though.
    I don't understand either.

    I suppose an argument can be made that whichever party happens to control the Oval Office and gets to appoint the Director of the SEC and the Attorney General could use such power to go after political opponents.

    That being said, it would seem more logical to simply bar members of Congress from trading in stocks and bonds whilst in office.

  6. #6
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    Re: Should elected officials be allowed to trade stock when they have inside informat

    Of course its not ok...but they do it and they always have and they will continue...and they will get away with it

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    Re: Should elected officials be allowed to trade stock when they have inside informat

    Idealistically, it should not be allowed.

    Realistically, it would be a stone bitch to prevent it altogether.

    Perhaps requiring public disclosure at the time of such purchases would give their political opponents an advantage they'd just as soon avoid...

  8. #8
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    Re: Should elected officials be allowed to trade stock when they have inside informat

    Quote Originally Posted by jamesrage View Post
    Should elected officials be allowed to trade stock when they have inside information?


    Congress: Trading stock on inside information? - CBS News
    CBS News) Washington, D.C. is a town that runs on inside information - but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it's time for the law to change.

    The following is a script of "Insiders" which aired on Nov. 13, 2011. Steve Kroft is correspondent, Ira Rosen and Gabrielle Schonder, producers.
    The next national election is now less than a year away and congressmen and senators are expending much of their time and their energy raising the millions of dollars in campaign funds they'll need just to hold onto a job that pays $174,000 a year.

    Few of them are doing it for the salary and all of them will say they are doing it to serve the public. But there are other benefits: Power, prestige, and the opportunity to become a Washington insider with access to information and connections that no one else has, in an environment of privilege where rules that govern the rest of the country, don't always apply to them.
    I think what should be done is that if a politician is elected, all of their assets should be liquidated, kept in an account and go up or down, depending on metrics, such as median or average wage, GDP, # of laws overturned by the supreme court for unconstitutionality, or whatever metric we can come up with. If they do good, they make a profit, if not, then they do not.

  9. #9
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    Re: Should elected officials be allowed to trade stock when they have inside informat

    This is appalling. Why shouldn't this information be available to the general public?
    I'm coming to see that no matter what law we regulate, be it the stand your ground act, there is never an objective morally right answer to any morale question; in fact, since there are multiple objectively right answers to every moral question that leaves us with a lot of grey area and a lot of black area (not in the racial since).
    -Jryan

  10. #10
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    Re: Should elected officials be allowed to trade stock when they have inside informat

    sure, they should be allowed to. and then they should be prosecuted for it and thrown in jail next to their crooked bankster buddies.

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