Statement by the Press Secretary on Legislation to Ban Insider Trading by Members of Congress

[Tx4obama]

The White House

Office of the Press Secretary
For Immediate Release
January 26, 2012
Statement by the Press Secretary on Legislation to Ban Insider Trading by Members of Congress

Today, Leader Reid announced the Senate will take-up legislation making it clear that Members of Congress may not engage in insider trading, an important component of the President’s blueprint for an America built to last. As the President said in his State of the Union message, this bipartisan legislation will help limit the corrosive influence of money in politics and restoring the American people’s trust in Washington. Members of Congress should not be able to trade stocks based on nonpublic information gleaned on Capitol Hill nor should they be able to own stocks in industries they impact. We believe this is an important first step to prevent members of Congress from profiting from their positions and call for swift passage.

http://www.whitehouse.gov/the-press-office/2012/01/26/statement-press-secretary-legislation-ban-insider-trading-members-congre

[JoeyT]

1. Cue Fox News insisting

insider trading is a God-given right and the very foundation of the free market.

[CoffeeCat]

2. I never knew that it was "legal" for Congress...

...members to engage in insider trading. For Pete's sake, it's illegal for everyone. Why in the
hell was it ever legal for those bastards to do it? What's next...will it be legal for them to
murder? Evade taxes?

What a bunch of thugs!

I didn't know that our Congressional criminals could engage in insider trading, but it makes perfect
sense now. I always wondered what the corporations were giving our politicians, that was worth
selling our democracy. It appears that corporate mucky mucks were giving our elected representatives
insider information--allowing our politicians to become very wealthy by playing a rigged stock market.

I knew the corporations had to be giving more than campaign contributions.

Why else would there be a specific law that allows members of Congress to avoid prosecution for insider trading??? They
passed this themselves, because it was a rampant practice and they needed to shield their horrendous behavior.

Kudos to Obama for taking this on.

[ramapo]

3. Read "Throw Them All Out"

You will be disgusted, appalled, and horrified though probably not terribly surprised. Insider trading has been going on right under our noses and many members of the money party (R/D) have enriched themselves based on their inside information on legislation.

[Bozita]

6. Here's the video and more for the CBS "60 Minutes" piece on insider trading in Congress

"60 Minutes" alleges insider trading in Congress
November 14, 2011 6:25 AM

According to a new study by the Hoover Institution - a conservative think tank - politicians use their connections and access to information to make money in the stock market because lawmakers are considered exempt from insider trading laws. "60 Minutes" correspondent Steve Kroft reports and then Jeff Glor talks to CBS News Congressional correspondent Nancy Cordes.


Read more: http://www.cbsnews.com/video/watch/?id=7388205n&tag=mncol;lst;7#ixzz1kidFwALV

[JDPriestly]

4. This is great!

I wonder how many members of Congress will decide not to run next time if this becomes law.

[MADem]

5. They'll just make sure their spouses "accidentally" overhear all the good shit, and leave the

driving (of the accounts) to them...!

[freshwest]

7. Calling it like it is. This has been so blatant. Go after them.

[AnotherMcIntosh]

8. How many bought heath insurance stock before voting in favor of mandatory purchase of health ins?

There are other examples as well for anyone who wants to look for them.

This has been going on for decades, perhaps even a couple of centuries.