'60 Minutes' Congress: Trading Stock On Insider Info?

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Pelosi's response was priceless. Boehner was peeved but his eyes weren't shooting death rays at the person asking the question. Reminds me of the old saying, "If looks could kill..."
 
Buckeye said:
Pelosi's response was priceless. Boehner was peeved but his eyes weren't shooting death rays at the person asking the question. Reminds me of the old saying, "If looks could kill..."
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That was priceless. I just wish the media would stay on this story with the same vigor as the Caine harrassment issue.
 
True, true, true

In a vacuum, neither government nor Big Business are "the enemy." Both serve important roles in society and the economy and neither should be vilified in and of themselves. But when they are allowed to become more and more of a single combined entity, I think all bets are off. We have a de facto "separation" of government and religion because they work best when protected against the influences of each other. I'd contend the same is true of "corporation and state" to a significant degree. _

+1+1+1
 
DFW_M5 said:
That was priceless. I just wish the media would stay on this story with the same vigor as the Caine harrassment issue.
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But it won't happen IMO. American public has been dumb down and Cain's past sexual harassment is more of interesting than simplifying Medicare choices or overhauling our Congress. They only can care about what government crumbs that will throwing at them than to work harder to achieve their own finances. It's shame but I feel so powerless to do anything to change. :(
 
frayne said:
I read about the piece before I saw it last night. Just makes my blood boil and wonder why there isn't an Occupy Congress Movement, requiring all congress members to have to live with the legislation they pass for others, social security, medicare, etc. not to mention not being able to work as a lobbyist after their terms. When people speak of other governments being corrupt, kind of rings hollow in respect to our own corrupted system. Throw all the bums out this election cycle.
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What's the point? The current bums will just be replaced by new bums.
 
I would consider any Congressman that did not joint on the now retired Congressman's bill to change all this...suspect.
 
I saw the show.

To quote one of my favorite radio talk show hosts, Bob Brinker, host of "Money Talk"

"We have the best government that money can buy."
 
I'm glad I looked before posting as I was going to start a thread on this topic. I missed the 60 minutes episode, but I heard coworkers talking about it and read the transcript. This kind of thing makes me want to throw my hands up and walk away.

How do we force a change?
 
Helen said:
This kind of thing makes me want to throw my hands up and walk away.

How do we force a change?
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I am not enough an historian to know for certain, but offhand I cannot think of any society that managed to reform itself once it had achieved the level of graft and government rot and financial exposure that we have achieved. Eventually the weakness told. The US may have the domestic control apparatus and military strength to avoid successful challenges for a long time, but eventually we will be so weak in various ways that a good shove from without is likely to take us down.

Ha
 
For all of the criticism the media gets... it has been the great equalizer in our society.

Freedom of the press and expression are powerful! Be it a liberal or conservative voice and regardless of their underlying motivation (but often it is career oriented on a personal level). Exposing these situations is a very important first step.

BTW - I am not referring to the propaganda and manipulation we are fed daily by all sides of the media.... and a few nut jobs out there!
 
Helen said:
How do we force a change?
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We need a term limit amendment to the Constitution, but in order to get that it may take surrounding the Capital with pitch forks and tar/feathers.

That said, as a start, it might help if more people wrote their congressmen and senators to demand change.
 
DFW_M5 said:
Did I also hear correctly that they can't take money, but it was OK to take IPO shares:confused:?
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sheehs1 said:
Yes you did. And they do.
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That is what they said.... but I doubt what you think is what is happening...

Like the Visa shares mentioned, they have to pay for them just like everybody else who is in the IPO... and IPOs have gone down in price... usually up, but not all of them....


Now, they did not say when she sold... IOW, did she pocket the quick gain or hang on to them....
 
The rich and/or powerful will always have the upper hand. Maybe that's how it should be. Or maybe not...
 
A little Clarification on the IPO "deals" --IPO's are offered at an intro price that is limited to the few special customers of the brokerage company bringing the IPO to the market...(there big accounts are offered first dibs) -the congress folk are among the select few who get that intro price before the market takes the price elsewhere--often up initially in any "hot" new IPO where there is major demand to get those special intro prices...and in having easier access to those early IPO prices =these congressional types have an advantage over the rest of us saps---
The story was infuriariting and it is up to us to pressure our congressmen and Senators to change the law. they wont do it without us pushing them.
 
urn2bfree said:
The story was infuriariting and it is up to us to pressure our congressmen and Senators to change the law. they wont do it without us pushing them.
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While we are at it, they should have to follow the same 'Do Not Call' list rules as everyone else. I'm sick of this 'the rules are for others' approach.


-ERD50
 
"If you have a problem please contact your senator or congressman". AS IF!
 
Texas Proud said:
They had this in the piece... it has been introduced every year for awhile now... it is not new...

And, it will be like all the other times.... nothing will happen...
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I am not sure many folks were even aware of the Stock Act prior to the 60 Minutes piece. Obviously, nothing will happen if everyone (the voters/constituents) sits on their hands and does nothing.
 
Unfortunately there is a lot of trade and usage on inside info at the state and local levels.
The ipo thing was new to me , however i have heard of legislators being made partners in ventures, which would make ipo's possible.
 
Texas Proud said:
They had this in the piece... it has been introduced every year for awhile now... it is not new...

And, it will be like all the other times.... nothing will happen...
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You are exactly right. I think in the House of Representatives, the average re-election rate of incumbents over the years is something like 97%. Most of them are in safe districts. They never have to worry about re-election no matter what.

Nothing will happen...
 
Basically I have come to the conclusion that they (politicians) are all pigs feeding at the trough.
 
george76 said:
You are exactly right. I think in the House of Representatives, the average re-election rate of incumbents over the years is something like 97%. Most of them are in safe districts. They never have to worry about re-election no matter what.

Nothing will happen...
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And a major issue is re-districting. In my District, there was an upset for our Rep in the US House, with an R beating an established D. So guess what? The downstate D-controlled politicos are redistricting to spread more heavy D areas into that district.

We really need some rules established to create districts by population/size and take other boundaries into account (county/township/city) with no other partisan finagling.

-ERD50
 
frayne said:
Basically I have come to the conclusion that they (politicians) are all pigs feeding at the trough.
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Did someone call for Porky?
 

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