Congress Refuses to Outlaw Insider Trading For Lawmakers - Page 2 - New England Patriots Forums

***Leave No Doubt*** · 05-06-2010, 10:43 AM

From the article:

Quote:

It seems they're above the transparency they've been calling for on Wall Street.

This comes a day after the same newspaper reported several lawmakers profited by betting against the housing and stock market in 2008. And some did it using derivatives they've recently been railing against.

As our colleague Henry Blodget wrote Tuesday, "If you're going to complain about how awful short-selling is and how evil and venal people are for doing it, you should probably abstain from the practice yourself."

Congress has been complaining about Wall St, namely Goldman Sachs, for doing this very same thing. Your point about them counting on people being mostly uninformed and/or heads-up-the-* is well taken however. Slowly but surely the public's becoming more and more accepting of the fact our supposed lawmakers operate within gray latitudes.

PatriotsReign · 05-06-2010, 11:32 AM

Quote:

Originally Posted by STFarmy

Well, I'm applying Paine's statements to why Congress is self-serving. You're right, they're not completely fearless of the general public, but many feel (or maybe felt, there's a lot more political activity in the population these days) that they can win elections by using the tired cheap tactics like negative campaigning and blaming. Of course they're afraid of being voted out, but people don't really pay attention now like they did then.

Money is power in politics...and if you have the money, you can get elected. that my friends is why today's politicians don't fear the voting public...and they certainly do not.

Once you're in the circle of power, there's a good chance you'll hang around for a while and get to take care of yourself!

***patsfan13*** · 05-06-2010, 11:35 AM

The WSJ had an article earlier this week about lawmakers shorting the market during the financail mkt in the fall of 2008.

Funny to see them indignant at others for doing what they did...

***Leave No Doubt*** · 05-06-2010, 11:37 AM

Quote:

Originally Posted by patsfan13

The WSJ had an article earlier this week about lawmakers shorting the market during the financail mkt in the fall of 2008.

Funny to see them indignant at others for doing what they did...

Exactly my point. And none of them care either, it's in-your-face and ts whether you like it or not.

mcgraw_wv · 05-06-2010, 11:55 AM

How bout this as an idea...

All Congressman and Senators salaries are determined by the average income of their districts / states.

This wouldn't prohibit them from making additional money from investmenets, but trim down their salaries to be in line with those back home make. And they might feel a little more connected to the struggles at home when their government check it only 45k a year.

PatriotsReign · 05-06-2010, 01:22 PM

Quote:

Originally Posted by mcgraw_wv

How bout this as an idea...

All Congressman and Senators salaries are determined by the average income of their districts / states.

This wouldn't prohibit them from making additional money from investmenets, but trim down their salaries to be in line with those back home make. And they might feel a little more connected to the struggles at home when their government check it only 45k a year.

I'd prefer to have laws restricted the SOB's myself. They can make up for a low salary very easily with a single "insider-trade".

***DarrylS*** · 05-06-2010, 01:28 PM

The purpose of any organization is to perpetuate itself, I said that.. nothing surprises this casual observer...

Self preservation is the key.. that is why there should be term limits and at least 3 parties..

PatriotsReign · 05-06-2010, 01:30 PM

Quote:

Originally Posted by DarrylS

The purpose of any organization is to perpetuate itself, I said that.. nothing surprises this casual observer...

Self preservation is the key.. that is why there should be term limits and at least 3 parties..

All great ideas but still doesn't resolve this issue.

I don't think people realize just how outrageous this is....

***DarrylS*** · 05-06-2010, 02:30 PM

Quote:

Originally Posted by PatriotsReign

All great ideas but still doesn't resolve this issue.

I don't think people realize just how outrageous this is....

It does if you think about it, if people were answerable to the electorate and not the big donors things may be different.. vote all the bastards out.

PatriotsReign · 05-06-2010, 03:22 PM

Quote:

Originally Posted by DarrylS

It does if you think about it, if people were answerable to the electorate and not the big donors things may be different.. vote all the bastards out.

I'm with you on this one Darryl!