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Insider Trading in Congress Can Make Big Bucks at the taxpayers Expense and Washington is doing little to stop this decades and sometimes centurys old practice.
This has been a problematic jolt for the banking industry along with congress profiting from these financial services and making huge bonuses at the tax payer expense.
While it is becoming increasing hard to forget how the plethora of wrong and not wise financial choices being made by Wall Street in near past and present to guarantee more profits from distressed home owners and the banks that are already (not cooperating with government approved bailout spending which is being gobble up by top bank executives as bonuses and perks that got us into the current financial housing crisis. Bank of America's 10 million plus campaign for super bowl ad and perks, was about as financial responsible as putting a two year old in charge of monopoly banking duties. Not only did they waste money on unusually handsome bonuses and perks for AIG executives and company higher up. The wrong doings are on a regular basis with jet setting flights and lavish dinners and partys while the rest of the nation is on a money crunch they are living the life of riley.
It is about time that congress along with current administration get serious right away and put an end to all of this lavish spending on Wall Street executive and the top execs in the financial sector need to stop pampering themselves. They are not entitled to massive profits and bonuses because they have sneakily crafted legislation to protect themselves and companies who are getting rich off the American dream of owning your home. Congratulations banks you have done what many foreign nations have tried to do. Wreak havoc on our economy in such a short time that it could even be considered an act of terrorism.
It would probably also be the right time for congress put an end to secret lavish spending. Also congress needs to provide the tax payers with exacts on how these finance companies have been spending tax payer monies on lavish vacations. The worst part is the government has been providing immunity for government themselves and top corporate officials at these banking companies that have been recording profits at a record pace at the expense of the American tax payer.
In current legislation going through the house as we speak is proposing new regulation with accountability for greedy banks and their top officers who make a profit at the American public.
This bill was initiated by Representatives Brian Baird (Democrat Washington), Louise McIntosh Slaughter (Democrat - New York) and Tim Walz (Democrat - Minnesota.), the “Stop Trading on Congressional Knowledge Act”) will guarantee that the banking and congressional insiders with the ability have access to data that can b e privileged "non-public information" collected via the house oversight and judiciary proceedings. The banks and top level execs will never be able to manipulate and use that data for personal financial profit in securities and commodities trading. This will help protect the public from greedy banks and top level execs who can never have enough cash at the expense of late fee and adjustable rate mortgages.
Most importantly the housing reform act 682 would refute a small known legal loophole in the law which will permit Congressional members along with top level executive employees and elected government personnel to engage insider trading for the purpose of gaining a profit or advantage of the market conditions at the moment. These varieties of insider trading would be are already consider highly illegal and against the law in all 50 states for normal non government citizens that are just like you and me. We are not above the law so why should congress be immune to these same laws which apply evenly across the boards to all citizens. Why should top level execs and congressional members be reaping all the benefits of the housing crisis?
This new bill will also be highly effective in fighting longtime unethical and financial fraudulent lobbying techniques, since lobbyists and stock market traders, otherwise known as "political intelligence consultants" who roam the hallways of all most all Congressional building on a regular basis. This practice has been widely accepted for many years exactly in order to garner and collect insider advice from congressional staff by just hanging around. This type of illegal activity will likewise be banned from insider trading to help protect the public tax payers.
This new bill will require that congressional members of Congress and their staffers will be required by law to disclose any and all stock transactions of $1,000 or more within 3 months, and also necessitate “political intelligence consultants” lobbyist to now register and record themselves under the Lobbying Disclosure Act and reveal their current financial situation concerning these illegal activities which will now make congress and greedy banking execs accountable for their illegal activities.
Call and complain to all of your elected government officials as this will help expedite the current bill so the greedy bank execs and congressional members of congress can now be held accountable.
The fact that Congress has not initiated any laws to make Insider Trading illegal for members of Congress should make every tax paying citizen wonder why the government does not want to make themselves or top level execs be held accountable for activities that would get a normal citizen arrested.
A new Wall Street Journal reported recently that new legislation would require lawmakers to make much more disclosures of their financial transactions and interests. The new laws will not allow them from engaging in trades on nonpublic information is currently be stalled by congress which is no surprise as they would like to keep making record profits at tax payer expense. Can you believe it – YES, right now all Congressional members of congress are now permitted to receive profits on insider trading. WOW This new legislation must pass the house immediately so we can put a halt to these record profits gained through what are illegal activities for normal citizens such as you and I. This bill has been wasting away in no mans land floating in the doldrums waiting for congress to tattle on themselves. Do you think this will happen anytime soon? This bill has already been playing ping pong back and forth in the legislature for over four years, that will involve elected government officials “to make their financial transactions public within 90 days of a purchase or sale” and “prohibit lawmakers from trading in financial markets based on nonpublic information they learn on the job,” the Wall Street Journal recently reported. From the outside looking in it appears they are holding themselves above the law and are in no hurry to rectify the situation as there are still many more profits and foreclosure to make more money on from this financial housing crisis.
The fact that congress outright rejection to make it illegal Insider Trading Government Officials and top level execs at these greedy banks and financial institutions from making record profits.
While even a pessimist can discover the governments amazing stance on this position of allowing top level execs and congressional member to make profits at a time when the country is going through the worst financial crisis since the collapse of the roaring twenties came to an end. The Governments hypocrisy knows no bounds during the current recession the greedy banking execs and congress have put us in. The WSJ just put out an article about new legislation that will make government officials will be required by law to achieve much greater disclosures on financial transactions and profits and not allow these banks and government officials from trading on nonpublic information is not moving through congress at all – somewhat comparable to a snails pace which should mean even more profits for these lending institutions that are not engaging in activities that would lead to a normal citizens arrest.
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