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Old 04-18-2013, 10:33 AM
 
79 posts, read 79,661 times
Reputation: 43

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In November of 2011, the TV show 60 Minutes did a big expose on insider trading within Congress. While everyone else is subject to basic insider trading rules, it turned out that members of Congress were exempt from the rules. And, as you would imagine, many in Congress have access to market-moving, non-public information. And they made use of it. To make lots and lots of money. Of course, after that report came out and got lots of attention, Congress had to act, and within months they had passed the STOCK Act with overwhelming support in Congress to make insider trading laws that apply to everyone else finally apply to Congress and Congressional staffers as well...

So... with very little fanfare, Congress quietly rolled back a big part of the law late last week. Specifically the part that required staffers to post disclosures about their financial transactions, so that the public could make sure there was no insider trading going on. Congress tried to cover up this fairly significant change because they, themselves, claimed that it would pose a "national risk" to have this information public. A national risk to their bank accounts.

Source: Congress Quickly And Quietly Rolls Back Insider Trading Rules For Itself | Techdirt

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Old 04-18-2013, 10:35 AM
 
Location: Great State of Texas
86,052 posts, read 83,140,153 times
Reputation: 27712
Old news already.

I read it took seconds to get through the House and then seconds to get through the Senate and Obama signed it with no fanfare on 4/15.

Congress CAN work when it's for their own benefit.
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Old 04-18-2013, 10:44 AM
 
Location: San Diego, CA
10,581 posts, read 9,624,142 times
Reputation: 4171
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