DO WHAT I SAY, NOT WHAT I DO:
Cleveland Browns linebacker Mychal Kendricks was released by the NFL team Wednesday night, hours after he was charged by federal prosecutors in Philadelphia with insider trading.
Kendricks, who signed a one-year contract with the Browns in June after winning a Super Bowl title last season with the Eagles, allegedly used tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals, federal prosecutors said.
What is good for the goose should be good for the gander, BUTT it ain’t.
This is why they run for political office:
Editor’s Note: The report “Insiders” received quite a reaction the week after it aired. Democratic Congresswoman Nancy Pelosi’s office called the report a “right-wing smear.” While Republican Speaker John Boehner’s office called his inclusion in the story “idiotic.” But now, at least 93 members of Congress have signed on as cosponsors of the Stock Act, and for the first time the bill has been introduced in the Senate.
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 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.
Why Congressional Insider Trading Is Legal – and Profitable
As our Chief Income Strategist Marc Lichtenfeld wrote a few years ago…
I have a foolproof way of getting rich. It doesn’t involve signing up for one of The Oxford Club’s services, and it doesn’t require much risk because you already know the outcome. In fact, you’ll help decide it. All you have to do to increase your net worth by 10-fold is get elected to Congress.
Back to my ORIGINAL cliche that applies to priest and politicians. I have never seen a priest or politician driving an old car!!
And they profess that all men are created equal?? We may have been created equal, BUTT that is where the similarities ends.