Congress Quietly Repeals Congressional Insider Trading Ban:
After all it has only been 4 years since they passed a budget, why rush into anything unless it directly effects them.
As I have stated so many times before; when it comes to Congress “covering their ass” it only takes 20 minutes before they make a decision.
While Congress might be stuck in a deadlock on just about every issue imaginable, there’s one piece of legislation that both Democrats and Republicans hate unanimously: the Stop Trading on Congressional Knowledge (STOCK) Act, a law passed last year designed to prevent insider trading among lawmakers and government officials by requiring them to post disclosures of their financial transactions online.
Like thieves in the night congress signed a bill that would repeal STOCK Act that was just signed into law last year.
Is it unconscionable that this den of thieves in DC had this privilege for years that no other American had and now they want it back. As a matter of fact, what they did with their insider trading information has sent many people to prison for a long time.
Ladies and gentlemen, they are all laughing at the dummies that put them in office.
“To think that all those dummies in the country voted us in again so we can stock-pile a little more ging-a-ling for our retirement”!
The STOCK Act would required members of Congress, their aides, and other federal employees making more than $119,554 a year to disclose their financial dealings in an online database. It was supposed to prevent government officials from using insider knowledge about policy-making to profit from stock trades and other investments.
For an example; if the DC Duds were sitting on a panel and got information that a drug company was going to introduce a new and promising product on the market long before it is made public; what can the do with information like that?
The first thing they do is call their broker and have him bet the house on that company. Second; he would call all of his cousins and pass the word. Naturally he would want a cut of their profits.
There have been many occasions where a company’s stock has quadrupled or went up 10 or 30 times its value after a new product came out. That is only one example of 1000’s of pieces of information at their disposal.
If this is done repeatedly through the years, as it is, can you imagine the wealth someone can amass with this insider information?
The law was passed last year to prohibit Congressional Insider trading. It appears that this didn’t sit well with congress; someone was stepping on their bank account toes and it was cramping their style. After all, why do they all come to DC riding a jack ass and leave riding in the back of a Rolls-Royce? This is only one of the answers.
On Friday of last week it took about 10 seconds in the Senate and 14 seconds in the House to reverse, according to official record.
Here is a quote from Obama last year when he signed the bill making it illegal for congress to have insider trading knowledge. “The idea that everybody plays by the same rules is one of our most cherished American values. It’s the notion that the powerful shouldn’t get to create one set of rules for themselves and another set of rules for everybody else, and if we expect that to apply to our biggest corporations and to our most successful citizens, it certainly should apply to our elected officials—especially at a time when there is a deficit of trust between this city and the rest of the country.”
The White House has not said whether the president will sign the repeal. If I were a betting man I don’t know if I would take this bet. Let see just what kind of backbone Obama has. He has contradicted himself so many times before I will be shocked if he doesn’t sign the bill.
If nothing else; we have to give these congressional hogs and all the rest of the thieves in DC the credit they so well deserved; they have the biggest balls on the planet.