Book of the Month

Richard Day's picture

INSIDER TRADING AND CONGRESS

Detail from Corrupt Legislation (1896) by Elihu Vedder. Library of Congress Thomas Jefferson Building, Washington, D.C

We need to let President Obama, Harry Reid, Nancy Pelosi, (audience boos) and my dear friend the chairman of the Democrat National Committee, we need to let them know that Florida ain't on the table," West said. "Take your message of equality of achievement, take your message of economic dependency, take your message of enslaving the entrepreneurial will and spirit of the American people somewhere else. You can take it to Europe, you can take it to the bottom of the sea, you can take it to the North Pole, but get the hell out of the United States of America...

Following cheers, West added, "Yeah I said 'hell.'"

Moments after the quote was mentioned on Twitter, former Reid spokesman Jim Manley responded via his own Twitter feed: "Me to allen west. You first asshole.

How did we reach such a level of discussion that there is no agreement as to the starting point of discussion between the red and the white, the conservative and the liberal, the republican and the democrat?

No wonder folks label themselves as independent.

But is it fair to say that both sides are at fault?

The drunken father too often punishes the children with the belt and a loud voice whilst the mother sits on the sidelines attempting to 'tone him down'. Is the mother at fault for not notifying the authorities?

Yes she is at fault.

But forget RICO and other conspiracy theories for a second.

Who is getting drunk and who is giving the lashes to the children?

But mom maintains the status quo. Mom maintains the abode. Mom may withhold information on the behavior of the children from the punishing papa.

Mom is insured that the home is maintained and that she and her younguns will survive.

The Democrats know damn well that the Republicans are lying through their teeth, that the Republicans are threatening to take away the safety nets that (meager as they may be) are the only defense for the lower middle class and the poor against hunger, homelessness and despair.

The Democrats know damn well that Wall Street and Big Business (there is a term that shows my age) are stealing this country as well as the world blind.

The Democrats know damn well that the international corporations have no allegiance to this country or to the American Citizenry.

The Democrats know that the facade of the Dow Jones Industrial Index is a sham calling for those Americans in the top 29% of the 30% to gamble on a fixed a game.

So I end up reading Fox News on its web site:

Insider trading laws apply to all Americans, but CBS' "60 Minutes" in November said members of Congress get a pass, citing investment transactions by party leaders and a committee chairman in businesses about to be affected by pending legislation.

The broadcast report raised questions about trades of House Speaker John Boehner, R-Ohio; the husband of Democratic leader and former Speaker Nancy Pelosi of California; and Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee.

All three denied using any insider information to make stock trades, but the broadcast set off a flurry of efforts in Washington to deal with the public perception.

A recent Wall Street Journal/NBC News poll of registered voters found 56 percent of them favor replacing the entire 535-member Congress. Other polls this year have given Congress an approval rating between 11 percent and 13 percent, while disapproval percentages have ranged from 79 percent to 86 percent.

House Majority Leader Eric Cantor, R-Va., said he's working on an expanded bill that would go beyond stock transactions and ban lawmakers from making land deals and other investments based on what they learned as members of Congress.

Now here is Fox ( I have no idea how they treat these felonies on its network but I would guess Pelosi is featured as Ma Barker) telling all of us that members of both parties are stealing—and I mean stealing—monies each and every day from the American Public.

Pelosi was a millionaire to begin with per her family; and yet she is my hero. My heroine. And I come to fine out that she has made many millions of dollars whilst in a sacred position given to her by voters.

I have written several blogs about Issa who sponsors bills that benefit his businesses. I think he should be put in prison; for many years.

But our representatives from both parties are starting to look like they came from Tammany Hall!

If you know that certain legislation is coming that will enhance your investments and you take advantage of this knowledge; damn, you are a thief.

Sen. John Kerry (D-Mass.), one of the wealthiest members with a minimum net worth of $181 million, wouldn’t answer directly on whether members should limit the stock they own. “I think what he’s talking about is avoiding conflicts of interests, which we should do,” Kerry said. “I think it’s very important not to have these conflcits of interest."

John Kerry marries a billionaire and he is frickin around with stock manipulation. What the hell is that?

AND WHO THE HELL WISHES TO MAKE CANTOR LOOK GOOD?

I am speaking out of my ass, as usual, but I cannot believe that Bernie Sanders made one dime on the stock market during his entire tenure.

I cannot believe that Dennis Kucinich has made one dime off of his position in Congress all these years; although it appears he has gained some amenities per his fame.

I cannot believe that Sherrod Brown has made a dime off of his position!

The dems must take the high road and abolish this bullshite! NOW!

I would only say that Ron Paul, a defender of the Confederacy, could come out very clean on this subject.

This is symbolic of course.

Even in millions of dollars the graft of Congress is small in comparison to off shore accounts and such.

But we cannot allow this type of graft to continue.

I know all about the 'revolving door' and how people seek office in order to find themselves up the ladder of success as lobbyists or pretend lobbyists like Gingrich who never held an honorable tenet in his entire life.

Chris Dodd has been a hero of mine as well as his dad for many reasons.

And yet Chris is attacked for receiving a few points on his mortgage related to his office.

And his dad was herded out of Congress because of his meandering ways after making history with Justice Jackson at Nuremberg.

And yet I am assured that Senator Dodd will find his way into the revolving door and make millions upon millions selling out the American public.

But there is more than just normal blow-back from the sins of our party leaders.

We give the evil ones ammunition to further their deceits.

It makes us look bad.

It makes us look bad to the world.

And it makes us look to the electorate.

It makes us look bad as Democrats.

WE MUST STOP ANY INSIDER TRADING BY OUR CONGRESSIONAL REPRESENTATIVES.

 

 

 

I've been thinking about this topic for awhile.  In doing some minimal research, it appears that conflict of interest for Congress is virtually non-existent.  Reminds me of our local assembly.  We have the ordinance in the code, but it can be waived by the Mayor and other assembly members (if mentioned at all), it is seldom done - all part of the good ol' boys club.  And yes, many have profited from their 'service' on the legislative body.

Once again, until We, The People, use the power to make it  happen, but will 'we'?  Oh, me of little faith.  Most likely the status quo will not be modified with any haste or enthusiasm.

This is a topic that we need to continue to publish info and facts on until it the needed legislation is passed (and adhered to by Congress and their staffs, et al.)  

And this is definitely a bi-partisan matter.  (Should we celebrate that there's at least something they can agree on?)

Again, good post, important and appreciated.

That basic morality would not have prevented this type of activity--I mean Martha went to jail for getting 'inside info' from her own stock broker. (I know, she went to jail for lying to the Feds, but still she was investigated)

Galileo would stand on a high tower and use his telescope to check for incoming ships. He would use this news that only he knew by quickly putting money in the markets and make out like a bandit.

How can you be more inside than in Congress?

Apparently there's a test vote set for late today in the Senate, a little late for constituents to express their feelings, but there's still time for peeps to bother their House Reps about the issue; clearly the White House wants people to do so:

White House urges Senate on insider trading bill

WASHINGTON | Thu Jan 26, 2012 6:22pm EST

WASHINGTON (Reuters) - The Senate scheduled a vote next week on legislation banning insider trading by members of Congress, a measure the White House described on Thursday as an important step in cleaning up Washington politics.

"This bipartisan legislation will help limit the corrosive influence of money in politics and restoring the American people's trust in Washington," White House Press Secretary Jay Carney said in a statement.

The legislation, which Senate Majority Leader Harry Reid scheduled for a test vote late on Monday, would explicitly ban federal lawmakers from trading stocks based on information they glean that has not been made public.

The measure also would prohibit them from owning stocks in companies on which they could have an impact through legislation they are working on.

"We believe this is an important first step to prevent members of Congress from profiting from their positions and call for swift passage," Carney said.

Similar legislation is under review in the House of Representatives but it was unclear when a vote in that chamber could occur....

 

I believe it is this, S 2038, with Joe Lieberman the sponsor:

Bill Text
112th Congress (2011-2012)
S.2038.PCS

To prohibit Members of Congress and employees of Congress from using nonpublic information derived from their official positions for personal benefit, and for other purposes.

 

IN THE SENATE OF THE UNITED STATES

 

January 26, 2012

Mr. LIEBERMAN, from the Committee on Homeland Security and Governmental Affairs, reported the following original bill; which was read twice and placed on the calendar

 

A BILL

To prohibit Members of Congress and employees of Congress from using nonpublic information derived from their official positions for personal benefit, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Stop Trading on Congressional Knowledge Act of 2012' or the `STOCK Act' [......]


I just signed to petitions regarding this--they know I am a sucker and have my email address. hahaha

Reid is attempting to short cut the process and keep the bill from having 50 amendments that would make the entire purpose evaporate.

He is actually acting as a Majority Leader.

I am ashamed of my dems who made extra money in this manner.

 

"The legislation, which Senate Majority Leader Harry Reid scheduled for a test vote late on Monday, would explicitly ban federal lawmakers from trading stocks based on information they glean that has not been made public."

 

​Call me paranoid and/or cynical, but the first thing that came to my mind after reading this, was that this law would be easily circumvented by the member of Congress simply making the information public ...  perhaps in some little read newspaper like the Altoona Gazette, (circulation 12) written, of course, in Mandarin and published one millisecond before making their transaction.

Thus the information will have been made public and they won't have broken any law.   That's why this bullshit is never going to stop. Because the political wiseguys and financial lobbyists will always word the law in some way that they can get around it, or, will figure out some loophole and simply switch their tactics to comply with the letter of the law while flagrantly violating the spirit.  The only answer is forcing everyone in elective office to take some kind of salt-peter treatment, which, instead of sexual desires, removes one's appetite for greed.  

 

 

Even I don't read the Altoona Gazette.

But how about the Slippery Rock and Shippensburg papers. 

I use these fine publications to roll my cigs, actually.

There is something about the feel of the paper.

There is nothing, I repeat nothing as good as an egg Altoona Sandwich on whole wheat bread with low cal Miracle Whip.

Just remember to throw in some cut up celery into the mix.

Oh and a pickle on the side, of course.

When in Altoona, go to Al's Tavern and order the Hooter with a fried egg.

Smith, every time they make a new safe; burglars find a new way to open that safe.

I think Americans need a statement from Congress in the form of a bill deposited on the President's desk.

And remember, there are an awful lot of Congressmen who are idiots and idiots get caught!

Yeah, I know, I was just feeling a bit curmudgeonly last night.  Must have been the Altoona Gazette editorial.  Ever since my subscription to the Piscataway Times Picayune expired, I tend to get a bit cynical late at night.  

P.S. Thank God for the Idiots. By getting caught, they keep American Politics from being completely corrupt! 

Yeah, Yeah, I'm anti it. but we're talking pennies here compared to the what the big boys are pulling down while working hard to destroy the European social democracy model. (And I might add sending their news flackies to blame Washington. Actually pretty canny for the repubs to chose this issue)

Hey Dick, how do I get a blog around here?  I wanted to post something today and realized I couldn't.

I promise to play at least as nice the next guy. 

Oh you gotta blog here.

I do not know why you are having problems.

dikkday48@yahoo.com

I wrote mike to get in touch with you.

But why not email me and I will send your address to mike?

I mean everyone wants Saladin. hahahah

Your comment showed up fine.

Oh well.

 

Thanks DD, it's good to be loved..

I'll be around soon. 

Hey Saladin. You'd be most welcome to blog here. Just click the link on the top bar that says: Blog now!

Ah.  I did not see the button, on my screen it is very small and nondescript.  Thanks Genghis.  

Today, I celebrate my 69th birthday.  Forgive me for my cynicism, but, in my eyes, I don't foresee a glowing future for the U.S. or for our neighbors. First an observation and, then, I'll ask my fellow posters some questions...

I was technically competent enough to qualify to work as a skilled mechanic at the Toyota plant in Georgetown, Kentucky.  Thousands applied and were interviewed and tested by state personnel.  A couple of hundred were selected.  It was an interesting education for me.  A majority of those selected were drawn in from the coal mines.  Technically, many were superior to me.I watched as I worked along side them over the years, a dramatic change in their political philosophies.  So many of them were strong unionist Democrats with a sense of humility.  As their incomes grew, more and more of them turned to a Republican political bent.  Ass kissing and back stabbing became a common occurrence. Having spent many years in management, I had seen the same ol' game in too many environments.  My decision to quit playing the game drove me out of management and back to the tool pouch.  Money and greed can be a dangerous potion.

Now, a couple of questions:

(1)How does a senator or state rep on a set salary go from an average income working person to a millionaire in a decade?  I thought these people had to do financial disclosure with regularity.  Does anyone trace his representative's financial successes?

(2)Did anyone notice Denny Hastert's "highly sophisticated" land purchase just prior to the approval of a new exit which offered ready access to new housing developments and "perhaps" a shopping mall?

I guess I'm getting to be socialist!

 

Well to begin with; HAPPY BIRTHDAY CHUCK!

It is good to see you here! A lot of our old friends blog here.

As to your query; I did two or three blogs on Issa whom I believe is the single most corrupt Congressman we have. He sponsors legislation to build roads and hand out pork to his own damn businesses. He is one of the richest bastards in DC and his promise was to dig up all the graft in the Obama Administration holding 500 hearings or some such (that was his campaign promise in 2010) and he has come up with a failing Solar company and a CIA weapons deal that began under Bush!

The only way that a Congressman can make that kind of money is by making worthless speeches in front of corporate pigs who are really bribing him; write books that end up being mostly purchased by 'think tanks' that are given away to homeless folks; given their family members 'positions' in their campaigns or make a bundle using inside information to make a bundle in the stock market.

Just as an aside, I get down and really get bored by these unending campaigns.

People will by books by Kevin Trudeau and they will purchase shamwows and skin lotions made from Indonesian butterflies and...and if you advertise enough and get some Mainstreammedia coverage by making outlandish, slanderous and racist comments; people will buy you also!

So let us live and laugh at it all.

DD...

I check for your blogs every day.  The only problem I've got is that "We're preaching to the choir!"  I've sensed for thirty years that the stock market and Wall Street were a con-game.  Funny, isn't it, that the twins have never done better and our manufacturing industry is flat on its ass?  Should there not be some kind of a relationship between employment and executive bonuses?

Just a note.

A lot of argument around here.

Now my friend Oxy calls me the meanest, angriest left wing fellow on the block but Trope aint no prudent lefty and neither are most here.

The problem is that the left and center left have all these arguments.

How best do we deal with the number of high school drop outs in this country; how best could we tie executive wages to the wages of those who do the work; how best to deal with corporate taxes; how best to deal with defense contractors who take trillions from the tax coffers, hire folks in other countries for pennies on the dollar and then pay their management and shareholders billions?

Where there is argument here and other 'left wing blogs' there is no real argument on the right even though individual capitalist pigs like Mitt & Newt swing base ball bats at each other in order to determine who will get the power.

The right simply says: Hey, we did not drop out of school.

Hey we did not decide to laborers.

Hey, we did not decide to scan the fine print in our contracts....

Hey the housing market has to bottom out on its own before that market gets any better.

Well. How can you argue with nothingness? I think about it all the time.

Sometimes I think: Hey, let Texas teach Texans and Minnesotan's teach Minnesotans...

Fuck em. If Texans think that Genesis is going to aid their students in approaching biology, chemistry, physics, astronomy, agriculture...good for them.

Just keep their goddamn texts out of Minnesota.

If Mississippi wants to give corporate rapists a free ride.

Good for them. The citizenry has just decided that 7 bucks an hour without benefits works just fine.

If New Hampshire and Ohio and Wisconsin and a host of other states wish to abolish unions and pay their citizens minimum wage whilst big business gets away with murder--well good for them.

There are tens of millions of people in this country making wages just over the poverty line who think that the issues all surround Sunday School and Abortion and 'ethnics' on welfare and elite science professors who think the universe is 13 billion years old.

I honestly have no idea how to change the current political rift.

I will say one thing.

Repubs are really geniuses at working propaganda.

 

 

Just wait there is Mitt/Gingrich dog and pony show coming your way. You ain't seen nothing yet.

Just keep their @@ texts out of Minnesota.

I can appreciate your passion.

In Arizona we figured, keep them damn slave laborers; from crossing our southern borders. 

The illegals got out of Arizona and fled to Georgia and the other southern states.

(Question Richard, are there any problems in Minnesota, related to an influx of illegal immigrants?)  

Lo and behold ..... guess where it appears the current manufacturing jobs in America are relocating?  .......To the southern States, where there's plenty of slaves, willing to work cheaper.

Willing to do the work you Uppity Minnesotans won't do that cheap; until forced to accept slavery. 

If Arizonas  SB1070 fails, Arizona will be the place manufacturing moves to. Windfall for Arizonans? Screw the rest of the nation, it's what the bleeding hearts wanted, pity the poor undocumented only trying to feed his, over yours  

You other States can figure out where your tax base will come from, seeing as how all the jobs will move closer to the southern entrance,  closer to the cheaper labor source (Slave labor) 

Jefferson Davis must be laughing in his grave. Slavery will make some Americans rich, because dumb Americans haven't a clue they invited it with open arms, with an open border policy. 

It isn't the republican geniuses destroying the middle class. 

The middle class will find, if they want to stay middle class, better to avoid slavery to a welfare state, where the 51% (and rising), looking to the government for a handout;  wanting to enslave the other 49% (and shrinking)  to pay the taxes to support those who think money grows on trees.  

Money growing on trees, where the migrant workers are picking off the low hanging fruit.

Hey dumb gringo;  go back to school; you can't compete against us cheap laborers.

"We do the work you dumb gringos wont do .....THAT CHEAP"   

Happy Birthday Chuck! I hope you are staying well and doing lots of fishing.

Thanks trk!  I must admit that neither of my boats got launched last year.  DD sent all of those dead trees and melted snow down here and it completely screwed water levels and filled the river with half-submerged junk.  I plan to make up for it this year.  You ever need a guide, just give me a shout.

Chuck

Latest Comments