BREAKING:Frist & Delay Had Day Traders Working Out Of Their Offices

[kpete]

You heard it here (well, there) first-AMERICAblog

BREAKING: Rep. Slaughter says Bill Frist and Tom Delay had day-traders working out of their offices
by John in DC - 1/18/2006 10:09:00 PM


Oh my. She just said this on Air America's "The Majority Report."

http://americablog.blogspot.com/2006/01/breaking-rep-slaughter-says-bill-frist.html

[txindy]

1. What? Did they sublet their offices or something?

What is going on with these criminals? Do they have to have a hand in every last thing?

[Scout1071]

2. Huh?

:wtf:

[benburch]

3. Sneaky! So they could trade on the result of votes!

This goes beyond just a little bribery.

[Nickster]

I do believe you are on to something there Ben.

[TomInTib]

18. That is it! Just think of the possibilities.

If one were the scheduler of votes.....

Wow

[benburch]

21. These guys make Lex Luthor look like a lightweight.

They play ALL the angles.

[0007]

140. ...and every small bounce

[Bozita]

31. With a lockstep GOP vote assured, these GOP leaders had a sure thing

I'd love to see the transactions. Time of day on those records would be helpful.

[Ouabache]

103. Or if one were the buyer of short positions on 9/10

just sayin'.... same principle.

[mopinko]

188. yup

shhh. don't say anything, but cross your fingers for a break in this. small chance. but the cboe is about to lay off a bunch of people. maybe someone will be pissed enough to sing. they would only know which firm handled the transaction, but that might be enough of a clue. if they are connected to these people...

[sabra]

8. the ultimate insider trading...

[Carla in Ca]

127. And a quick call to Brit Hume, right?

Fox's Brit Hume: "My First Thought ... When I Heard There Had Been This Attack And I Saw The Futures This Morning... I thought, 'Hmmm, Time To Buy"
Media Matters | Posted July 8, 2005 10:34 AM

He said this on the day of the London bombings.
These people have no shame, no shame at all.

[MissWaverly]

11. is that why Bush wanted to wall street social security

imagine the profits they could have made controlling the flood waters

[AndyTiedye]

114. They Could Probably Trade on Info From NSA Too!

If they're plugged into that, they know about every merger and deal before it happens,
who's making their numbers, who's beating them, and who's going to have a bad quarter
-- the inside dope on every company.

They could make billions without anyone being the wiser.

[KittyWampus]

160. Holy Crap, but then they also traded on the results of 9/11, didn't they.

[malaise]

198. And the 2004 elections n/t

[atommom]

4. So how are they doing in the stock market?

Better than average, I'd guess.

[benburch]

7. Of course!

You get to arbitrage the time between when something happens in the Congress or wider government and when the news hits the street.

[Botany]

27. Bingo

Vote to approve a missile for the USAF ...... scurry back to the office and buy stock in that company.

Vote to cut funding for a dam ...... go and sell short companies that make equipment used in dam building.

[dmr]

52. They don't have to run back. All they need to do is

Blackberry the Day Traders before they even leave the floor.

What a racket.

[Botany]

61. If this is true .... they should be out of the capital ASAP

Time to call on all Democratic Senators & Reps ......

Walk out! Shut the fucker down. Demand that Frist & DeLay are out on their asses.

[havocmom]

80. The ultimate subversion of the capitalism they so ardently pretend

to support!

Book 'em Dano!

[ClintonTyree]

168. They don't support capitalism............

they support a bastardized version of capitalism, corporatism. They manipulate the contracts for a.) fat contributions to their campaign funds b.) all of the lobbyists "perks" that make life in Washington oh so nice c.) then trade on their inside knowledge of Federal contracts to fatten their stock portfolios.

In true Capitalism, everyone has the same advantage as everyone else. It's a level playing field, "The American Dream" as it were.
Their version, corporatism along with insider information, is skewed tremendously in their favor. There is no level playing field. Anyone invested in the Stock Market with these thieves is a fool. The Stock Market exists now for one reason and one reason only; to redistribute America's wealth. Get the "little guy's" money into their casino and steal it from them.

If all this is true it is one of the most egregious abuses of power ever. This is why some people want to be Republicans. They think they're going to be on the "inside" as well, they're going to be privy to the same information and benefits of the Republican hierarchy. They may be thrown a few crumbs from time to time but they're never going to get "the big one". That's reserved for the swine at the top.

[havocmom]

172. I know they don't support capitalism, it is part of their beard

always has been

[Blue_Tires]

179. very true n/t

[Ouabache]

106. They don't even have to Blackberry it. They know BEFORE the vote is

ever scheduled who will get the contracts.

[BrotherBuzz]

131. Blackberry?

Wouldn't Frist and DeLay know what the score was before the vote? A little shorting whatever for a couple of hours before the bill even come up on the floor? I'm just saying....

[Carni]

153. Well I guess we now know why the market has been so whacky

I bhave been saying for 3 years that it must be being manipulated.

[KansDem]

199. Why "scurry back to the office?"

With laptops and wireless access, they could do their deals right there in the House chambers!

Rep Blowhard, how do you vote?
I vote...mmmm...just a sec....tap-tap-tappity-tap-tap...<enter>...AYE!

Or, for the more "discreet," there's always the "cloak room." I've always wondered what when on in the cloak room... :freak:

[Old and In the Way]

44. Exactly right.

What an incredibly story.....c'mon, this can't be true. I mean, in their offices? I have had no doubts that this class of Republicans have no ethical quibbles with insider trading, I mean, look at the bosses. But to be so arrogant/stupid to run a shop in their office....hmmmm.

I hope this is nailed to the floor correct because this smells like pure Rove.

[TheDebbieDee]

55. Why can't it be true?

These bastards have stolen two elections, started an unnecessary war for profit, bankrupted the State of California by allowing their friends in the energy industry to price-gouge the utility companies, allowed the poor to drown in New Orleans so they could build upscale housing, the list goes on and on.

I wouldn't put anything past those heartless bastards!

[Old and In the Way]

63. Oh, it could be true......and I hope that it is true.

Is this a Democratic Representitive making these accusations? Because, if she is, she'd better have hard evidence to back this up. I hope to God she's not running on someone's word about this. Could Rove be laying a trap? Why not....seems they'd like nothing better than to prove this to be untrue at this moment in time. Actions of distractions. Remember the AWOL "evidence".

[Horse with no Name]

71. Yep

Discredit a credible story with fiction.
It does sound Rovian.

On edit:
Truth is probably that they had them on their payroll but not in their office. But once the smear machine starts, all anyone will hear is the lie.

[LuckyLib]

220. Amen to that!!

[Hoping4Change]

94. I too find it incredible but Slaughter must feel confident this is fact.

It seems too risky to make such an accusation w/o a factual basis.:shrug:

[Carni]

155. They'll just claim that rogue staffers were trading on their own

Even if they get caught with this going on in their offices they will claim that they knew nothing about it.

What a couple of arrogant assholes!

[cyberpj]

92. Senators beat the stock market annually by 12 percent on average

That is an impressive performance, as fund managers are thought to have the Midas touch if they regularly outperform by about 3 percent, and even hedge funds - which charge steep fees for performance - are now on average only 6 percent better than the market.

The academics who conducted the study looked at 6 000 stock transactions made by senators between 1993 and 1998. They noted that the senators did an especially good job of picking up stocks at just the right time - their buys were typically flat before they bought them, but beat the market by 30 percent, on average, in the year after.

However, it seems the senators might have been given a helping hand. Alan Ziobrowski, a professor at Georgia State University, and his colleagues concluded that at least some senators must have been trading "based on information that is unavailable to the public".

http://www.busrep.co.za/index.php?fArticleId=2984593&fSectionId=613&fSetId=662

[KittyWampus]

165. Pointing An Arrow At An Important Post Backing Up Thread's Assertion

[cyberpj]

189. Thanks. There's more on my post #166 near bottom of this thread.

Meanwhile, they just keep talking about Hillary's "plantation" remark. It's sickening, isn't it?

[aquart]

224. Average?

Who were the biggest winners? Who were the biggest losers?

Wondering if it breaks down by party.

[PWRinNY]

5. Is that what taxpayers are paying for?

Senate office space for traders? Is that what the People of Tennessee and Texas want their tax dollars going for? Did Frist and DeLay get taxpayer approval to be landlords to their traders? Infuriating!

[usregimechange]

6. New Meaning to CAPITAL Hill

[roguevalley]

10. so, how many of these fuckers are going to get hit with insider trading

too?

[Seedersandleechers]

19. I'm sorry, but I can't believe they would be that stupid. No one is

that stupid.

[stop the bleeding]

24. I think it is about power and arrogance over grey matter at this point

in the game especially when you control congress and are the leaders of both parts.

[txindy]

111. And if you've stolen a couple of national elections with seeming impunity,

whatever would make you pause and think a little stock trading would bring trouble? You're invincible, after all that.

Heh.

Oh, my. This is gonna get goooooooooood. :evilgrin:

[FreedomAngel82]

42. Oh sure they are

This is Mr. Diagnois from video.

[txindy]

112. And Jack Abramoff shouldn't have keep thousands of incriminating emails

Yet,...

Arrogance strikes again.

[orleans]

116. oh come on. we can name a few can't we?

[Carni]

156. But really who's going to stop them?

They have managed to do any other damned thing they have pleased for years--Delay in particlar has conducted himself like a criminal since day one.

[Joe Chi Minh]

191. And what's happened to him?

[Joe Chi Minh]

186. It hardly seems aberrant behaviour for them.

Megalomania Incorporated.

[JFN1]

205. Believe it.

As Robert A. Heinlein once said:

"Never underestimate the power of human stupidity."

[Hoping4Change]

89. LOLOLOL.

[NJCher]

190. LOL!

I love good wordplay!




Cher

[Botany]

9. you are kidding aren't you?

That is just too damn funny.

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl::rofl: :rofl: :rofl: :rofl: :rofl:

Why not just sell Amway or time shares for a vacation condos in Florida?

[benburch]

13. Because this was sure money.

Say the future of an industry is based on a congressional vote... You know what they say, buy on the rumor, sell on the news? Well if you were inside like this you got advance notice of rumor.

[ClayZ]

12. My Oh My!

Skank and Taint

[Fridays Child]

14. Sounds like insider trading.

Manipulate the market via legislation and buy or sell before that legislation is publicized. I guess, when your party is the majority, you know how the votes will go. Jeezus, just when you think these shitfucks couldn't be any more dishonest... :nuke:

[Solly Mack]

15. damn

just damn

[bleever]

16. DeLay: "Go short on United and American Airlines".

"On second thought, do that under my wife's name."

[madokie]

17. Those who are so fortunate to have her as a Representative

are so blessed. Thank you Louise

[stop the bleeding]

20. I feel like I am going to throw up, is the MSM going sweep this under the

rug also? -



Nothing to see here folks just move along

[Rainscents]

25. Of course they will hide this!

[Carni]

157. Could this have anything to do with the Japanese market weirdness?

What's the name of that company in Japan that is undergoing some big drama at the moment? Now there is a suicide attached to whatever that deal is--

[Art_from_Ark]

158. The name of the Japanese company is Livedoor

and you can read about it here:

http://www.japantimes.co.jp/cgi-bin/getarticle.pl5?nn20060119a1.htm

[Carni]

162. It's probably totally unrelated

But one never knows what these skanks have their grubby paws in...thanks I will check this link out!

[Octafish]

22. It's starting to get really interesting.

A percentage point here.
A percentage point there.
When you're moving millions -- check that -- billions of dollars,
it soon adds up.

[Old and In the Way]

67. If true, I think it pretty well spells the end of the Republican Party

It's too good to be true.

[Rainscents]

23. I heard this too!!!

WOW just WOW!!! They're criminals!!! :wow: :wow: :wow:

[FreedomAngel82]

118. So yesterday when Reid

talked about the mafia in the same sentence as the republican party he wasn't off at all.

[Hubert Flottz]

26. NEVER a dull moment!

Can you say RICO Act? Is there an honest federal judge left in America?

[Hoping4Change]

88. Your never a dull moment response really hit my funny bone,

Droll very droll.:toast:

[Hubert Flottz]

139. Thanks I needed this...

"Nobody makes a greater mistake than he who did nothing because he could only do a little." * Wow!

So many Americans BELIEVE, that "One Person Can't Make A Difference," and that is exactly, what T-H-E-Y(neo and other assorted CONS)count on. That you and me will go right on believing their lies.

Edit... :toast:

[Hoping4Change]

178. Isn't amazing how a little quote can contain such a big truth.

I had a similiar wow response when I came across the following yesterday on another thread.

"The most dangerous man, to any government, is the man who Is able to think things out for himself, without regard to the prevailing superstitions and taboos. Almost invariably he comes to the conclusion that the government he lives under is dishonest, insane and intolerable, and so, if he is romantic, he tries to change it. And if he is not romantic personally, he is apt to spread discontent among those who are." -
-- Henry Louis Mencken


ps "How can an eagle without its left wing" rocks. It should be on every dems bumper.
:hi:

[mom cat]

28. Listen here:

Wednesday, January 18, 2006

BREAKING: Rep. Slaughter says Bill Frist and Tom Delay had day-traders working out of their offices
by John in DC - 1/18/2006 10:09:00 PM


Oh my. She just said this on Air America's "The Majority Report."

You heard it here (well, there) first: Listen to the excerpt of the show on Windows Media format or mp3.

You may have to click the link in the OP, and I could only get the mp3 to work for me, but it is explosive!

[peacetalksforall]

29. I can't stream right now - can you provide more context - did it slip

out? Is it a sure thing? Just gossip?

She is supposed to be on C-Span tomorrow morning and with Jim Lehrer in the evening - is it your guess that she will be a messenger there?

[Sydnie]

37. I heard the interview. It wasn't a slip at all. It was a scoop! n/t

[Clyde_dubyaD40]

30. In Freeper speak this is HUGH!!1!

[Supersedeas]

209. which way do they turn?

[DemoTex]

32. Socialism looks better and better.

Know what I mean, Vern?

[DanCa]

33. And somewhere in heaven a cat is smilling.

Pay backs a Coulter.

[benburch]

35. LOL!

You made me smile.

[DanCa]

39. Than my work is done :D)

[HeeBGBz]

51. Whose karma ran over whose dogma?

[OnyxCollie]

105. The first kitty is cute.

The last one, however, kinda creeps me out.

[lavenderdiva]

173. wow! Those are great pictures!

Your little angels really know how to pose, don't they? Very, very cute!

[enigmatic]

69. THAT'S funny!

Well done:)

[Sydnie]

34. I heard her on AAR say this

I had just arrived home from work and sat in my driveway to hear the end of her interview. I was shocked. Ok, maybe not by their actions, but by the fact that so much is now coming out.

Move over Delay - Frist is coming to join you really soon!

Martha, you wanna loan these guys your anklet? :rofl:

[Botany]

43. Hold me Buddy ..... these guys are just too much.

Just when you think that "they" could not possibly do anything worse ...... Good God these guys are crooks.

I want both of them out of the Capital by the end of the week ...... they could literally be making billions
off of insider trading.



I might have to make a trip to D.C. and rip their asses out personally.

But no "they" wouldn't steal an election would they?

[Sydnie]

74. Oh buddddddddd-dddddddeeeeeee

I gotcha - now, let's go kick some ass out of our house!

[Botany]

82. If this is true .... they should be out of the capital ASAP

And their offices should be sealed as crime scenes.



06 will be a very bad year for repugs!

[ClayZ]

108. Seal 'em Up, Shut 'em Down

[Gruenemann]

208. What is this, the Colbert Report?

Or maybe Coal Bear Rapport?

[ClayZ]

102. Martha Stewart "How to Cope with Prison"

She should write a booklet for them!

[Pithy Cherub]

36. Is there some $1,000,000,000 prize to be the most unethical

corrupt republican on the face of the Earth? republican hubris is on steroids - maybe if we said it was baseball Congress would investigate!
The Rebublican Crime keeps topping themselves in the same news cycle! We need a Law & Order: Republican Crime Unit show... :rofl:
:silly:

[Bozita]

41. Your proposed TV show, "Law & Order: Republican Crime Unit" -- Would it be

... on every night?

[Pithy Cherub]

47. Ripped from the headlines - fresh daily. Repeats in 2010....

:popcorn:

Do we honestly have enough jail space? We may need to use those special off shore prisons where they can be interrogated by Justice's finest.:crazy:

[FreedomAngel82]

121. Oh I'm sure some could share!

[Sydnie]

134. They can sleep in shifts

like they suggested for the "common criminals" last week.


I can see it now ... National Enquirer breaking story headlines - Delay charges "Frist short sheeted me"!

[kpete]

38. TRY THIS

http://shows.airamericaradio.com/play.php?file=TheMajorityReport/JANUARY2006/01-18-06/DAY_TRADERS.wma

[Bluebear]

40. Any AIRLINE stocks traded out of DeLay's office in 2001???

Drip drip drip.

Any day trading taking place in DeLay's office in 2001? Say on airline stocks?

edit: headline

[Bozita]

45. if 9/11 was LIHOP or MIHOP, you may have hit on the reason ...

... for all those puts on AA and UAL.

It sure explains the "untrackable" transactions.

[Bluebear]

46. Precisely. nt

[ClayZ]

49. Bingo!

:wow:

[peacetalksforall]

91. Someone also placed put options on some investment companies in

addition to the airlines. Were these resident traders working on their own or are they associated with companies?

I just phrased the above in the past tense. Maybe they're still there (but moving out tonight)?

[PerceptionManagement]

50. Good one you...

But, if this is true, and if they did act on pending legislation, the implications are staggering. Imagine the money they may have 'stolen'.

I can only imaging the freeper rational as to why this would be OK.

[Bluebear]

54. And a belated welcome to DU

I put nothing. NOTHING....past these people.

[Old and In the Way]

56. "Trading their way to Treason"

"Trading our Security for their Profits"

The headlines write themselves...

[Bluebear]

58. "Selling out the United States of America"

The mind boggles.

[elehhhhna]

218. Making a Killing on Defense & Energy has a nice ring.

[benburch]

59. I already know what the spin is going to be.

"Democrats do it too! What about Hillary's commodities trading???"

[stillcool]

76. What about a few bad apples?....

I can hear Tweety as I type..no puke official had any idea this was going on. :puke:
More Depends for Pennsylvania Ave please....

[benburch]

81. I just don't think the "Bad Apple" gambit has worked all that well.

But you may be right.

[orleans]

126. tweety was making me vomit tonight

hilary, plantation, stink, stench, plantation, hilary, sink, hilary, plantation, plantation, plantation, hilary.

SHUT UP MATTHEWS YOU JERK!!!

STOP NITPICKING OVER THE WORD PLANTATION!!!

IF YOU'RE MARRIED YOU MUST PISS THE SHIT OUT OF YOUR WIFE WHEN YOU DO THIS TO HER. (YOU'RE PROBABLY DIVORCED BECAUSE YOU DROVE HER INSANE!!!!!!!!!!!)

[Bozita]

130. His wife is the evening anchor for a major market TV station in DC

Those positions are rather well paid.

[Penndems]

161. True dat

Kathleen Matthews is the anchor of the 5:00 p.m. news segment on WJLA, the ABC News affiliate in D.C.:

Mrs. Tweety's bio: http://www.wjla.com/news/talent.hrb?i=18















(on edit: additional text)

[orleans]

132. so you inspired me to dash off a little email to tweety. it said:

MATTHEWS--YOU CAN BE SO ANNOYING!!!!!

hilary, plantation, stink, stench, plantation, hilary, hilary, plantation, plantation, plantation, hilary, plantation, plantation.

SHUT UP!!!!!

why the heck didn't you google it like dede myers did? GOOGLE LIBERAL PLANTATION & DEMOCRAT PLANTATION.

better yet--download the wednesday episode of the randi rhodes show from whiterosesociety.org and listen and LEARN SOMETHING!!!

these republican freaks have used that term for years. hilary used it on CNN last year; was she PANDERING TO A WHITE MALE AUDIENCE THEN TOO???

get a grip. get a clue. do some research before you start nitpicking something so trite as this to death!!!

we have bigger fishes to fry than hilary's use of ONE WORD!
WHY NOT TALK ABOUT HOW MANY TIMES JEFF GANNON/JAMES GUCKERT GOT INTO THE WEST WING OF THE WHITE HOUSE (180 TIMES) AND NOT FOR PRESS CONFERENCES EITHER--WHO THE HELL WAS HE SERVICING USUALLY AT TEN AM OR 6 PM????and if he wasn't then what the hell was he doing there? is our security so lax that we can't even control who goes into the west wing?

WHY DON'T YOU CHECK OUT WHAT LOUISE SLAUGHTER SAID ON THE MAJORITY REPORT TONIGHT -- THAT DAY TRADERS HAVE BEEN WORKING OUT OF BILL FRIST & TOM DELAY'S OFFICES

WHY DON'T YOU START MOUTHING OFF ABOUT THE SIGNING STATEMENTS THAT BUSH MAKES TO NULLIFY LAWS? LIKE THE SIGNING STATEMENT HE MADE ON THE TORTURE BILL THAT WAS PASSED--AND HOW HE PREFERS TO RENDER OUR CONGRESS USELESS/AND REFUSES TO FOLLOW THE LAWS THAT OUR CONGRESS PASSES? (sidney blumenthal's article on salon.com "bush's war on professionals" or the article by john dean on findlaw.com: "the problem with presidential signing statements: their use and misuse by the bush administration")

OR THE FACT THAT SCOTTY MCCULLEN SAYS BUSH NEVER MET ABRAMOFF AND NOW IT HAS COME OUT THAT OLD JACK HAS NOT ONLY BEEN AT STAFF MEETINGS, DINNERS WITH THE PREZ BUT HE'S BEEN DOWN TO THE CRAWFORD RANCH FOUR (4) TIMES!

i've got to tell you--i personally am not a big fan of hilary (she is what i would call a DINO--democrat in name only--she tends to be a little too conservative for me). i'm not one of those "hilary supporters" but damn! SHUT UP ALREADY ABOUT THE PLANTATION CRAP! THERE ARE BIGGER FISH TO FRY!

get to work!

[Doctor_J]

99. Oops. I just posted this below.

That's too much to hope for, I am sure.

[cosmicdot]

228. Isn't that the kind of data the Inslaw PROMIS software can track?

and, why it was such hot property in the first place? ... it's ability to get insight for financial gain ... top intelligence gathering and data-manipulating software capable of hiding and facilitating financial transfers, personnel travel ... and, highly likely why the Octopus investigative reporter Danny Casolaro is no longer with us ...

they have to have 911 trading information. There's no reason why it's not public knowledge as part of any serious investigation into the events surrounding 911 ... some say even Osama had a copy ...

http://demopedia.democraticunderground.com/index.php/Inslaw/PROMIS_Affair
http://www.wired.com/wired/archive/1.01/inslaw.html
http://www.webcom.com/~lpease/collections/conspiracies/inslaw.htm
http://www.copi.com/defrauding_america/chp_22.htm

follow the BFEE money

[Old and In the Way]

48. She best have her facts backed up with hard evidence.

I hope to hell this is not a Rovian dirty trick.....he's too good to be true.

[Old and In the Way]

53. This post is rising so fast, I suggest tightening your seatbelts.

Glory Be....the Rosetta Stone of Republican Corruption has been found.

[SillyGoose]

57. This is really really big.

:wow: She said Newsweek knows about this and the Rules Committee will have a report out in 2 weeks called the 'Selling of America'. I hope these bastards get locked up good and tight for many years for what they are doing to this country.

Oh, my....this is going to be one heckuva year. :popcorn:

[benburch]

64. My worry; Some time soon it will get to be too much for them.

And rather than go down in defeat, they simply grab power for their Party.

[SillyGoose]

75. Its going to be a bumpy ride from here on out, no doubt, Ben.

I hope you are wrong but I won't be surprised at all if you are right. I wouldn't put anything past them at this point.

[KoKo]

164. I think "soon" is already here....from what seems to be going on....n/t

[JFN1]

210. Hmmm...

Osama's latest statement - maybe held for a time and then leaked by the neocons preparing to attack America again to stop all of these questions and solidify power...?

Scary stuff...

[FreedomAngel82]

123. Oh wow!

I'm sure lots of stuff will be there.

[sofa king]

145. See, it's that Rules Committee that worries me.

That would most likely be the House Committee on Rules.

http://www.rules.house.gov/

DAVID DREIER, CA - CHAIRMAN --maybe he has an axe to grind because of his recent outing; but his partner is also his chief of staff, which skirts--ahem--the rules...

LINCOLN DIAZ-BALART, FL --one of Tom DeLay's bitch-zombies; took $100,000 from ARMPAC

LOUISE McINTOSH SLAUGHTER, NY - Ranking Minority Member --the obvious person to ask about this report when it gets killed

DOC HASTINGS, WA -- an early beneficiary of Jack Abramoff's donations

http://www.dailycatholic.org/issue/2001Apr/apr6hh.htm">JAMES P. McGOVERN, D MA -- if those guys hate him, he's gotta be pretty much okay

PETE SESSIONS, TX --another DeLay bitch-zombie; $25K from ARMPAC; 96% vote correlation with DeLay

ALCEE HASTINGS, D FL -- solid guy

ADAM PUTNAM, FL -- still another DeLay bitch

DORIS O. MATSUI, D CA -- seems on the level

SHELLEY MOORE CAPITO, WV -- still another ARMPAC recipient

TOM COLE, OK -- an admitted recipient of ARMPAC funds, has already recused himself from future DeLay ethics hearings

ROB BISHOP, UT -- yep, you likely guessed it by now

PHIL GINGREY, GA -- do I even have to say it?

That's a pretty rock-solid ARMPAC/DeLay/Abramoff/Bush majority, don't you think? I have a hard time believing that the committee which appears to be bought and paid for as an insurance policy against this very sort of thing will simply roll over and sign off on a report which almost certainly implicates themselves, directly or by party association.

I suggest we keep a close eye on what these Members say and do in the next couple of weeks. They'll have to move to kill this story if it's even remotely true.

[Little Star]

180. Bin Laden???

Is this why Bin Laden has released an audio tape? I told my daughter that something big must be coming, maybe this is it?

[ms.smiler]

60. In 2000 a study of 66,465 US households showed the portfolio of the

average household underperformed by 1.44% per year.

A "genius" of a mutual-fund manager beats the market by two or three percent a year.

Corporate insiders likely trading on privileged information, usually outperform the market by 5 to 7 percent.

But the Ziobrowski study of 6,000 financial disclosure filings of US Senators showed their personal stock portfolios outperformed the market by an average of 12% a year.

http://www.nytimes.com/financialtimes/business/FT1075982783472.html?ex=1393131600&en=84995e065fb67b58&ei=5007&partner=USERLAND

http://www.newyorker.com/talk/content/articles/051031ta_talk_surowiecki

[ClintonTyree]

177. That just about sums it all up, doesn't it?

The average household underperformed by 1.44% last year.
Senators portfolios OUTPERFORMED by 12%
No, there's nothing to see here, move along citizen! :grr:

BTW, thanks for posting this, it certainly is some great information to have at one's disposal! :hi:

[elehhhhna]

219. How many have "Duke Cunningham" deals where the good trades

land in their accounts at settlement wile the bad trades are assigned elsewhere?

[spindrifter]

62. Subpoena the day traders and their records immediately!

If this is true I wonder how fast investigators (whose I know not at this point) can get on the trail of the trades. I would like to see Fr*st's day trader's results and then I would like to know how it was that Fr*st didn't know anything more than people who read the papers about the trades or where the money went.

I'd like to know how Poppie and the Carlyle folks are reacting to this venial pile of crap. Smirking up their monogrammed sleeves, no doubt.

[Bluebear]

65. Like TONIGHT.

I can practically hear the shredding machines from here.

[spindrifter]

70. Ah, but we have electronic trails now. They may shred

what they have written on paper, but they probably will not be able to get what is at the stock exchanges.

[Bluebear]

73. Time to find out aliases, etc. then

It never ends with these people.

[tridim]

107. Unless they have access to insiders at the NYSE

Which is not at all a stretch.

[druidity33]

142. no names i bet...

Nothing is in anybodys name, offshore accounts, friends in high places... all will make this an impossible "thing" to prove. I'd love to see them all go down, but i think someone will just suggest hearings, even if there's some evidence. :(


...little bathroom magnets...

[Joe Chi Minh]

195. Sadly...

How much longer do you think offshore banks and their clients will be able to operate in a clandestine way? Aren't Swiss bank accounts occasionally open to major political pressure?

[druidity33]

222. well...

I was thinking of island nations anyway, Caymans, etc... they seem to like tropics (ie. marianas)...

[sasha031]

66. you know the MSM knew this

my bet they were in on it

[Catherine Vincent]

83. Love that pic of President Gore!

[Bozita]

68. If Theodore H. White were alive, he'd write "The Selling of the Presidency

... 2000" and its sequel "The Selling of the Presidency 2004."

[Patsy Stone]

72. Unnn-believable

K&R

[Botany]

77. Feed em worms

These guys are just the worst.

Bet ya i could beat the market too if I had their inside info.

DeLay & Frist should be gone in the AM.

And seize their computers & files ..... because they are part of a crime scene.

[Patsy Stone]

84. Can you imagine?

Where is the SEC? If this is true they'll be gone but quick. Each day, another atrocity. I knew that any administration that was sealed so tightly would have to burst eventually, but this whole thing just continues to ooze and fester.

[Botany]

86. The dam has burst

bush will not finish his term ...... America is feed up ...... 06 is going to really suck if you are
a repug.

[ThoughtCriminal]

119. The same SEC that said of pre-9/11 short trading

Nothing to see... Move along.

[ClayZ]

113. How about FEATHERS

[Olney Blue]

78. Maybe they were finding creative ways to fund Social Security....

:patriot:

[Doctor_J]

101. You're probably right, OB

this was an experiment - they're making a killing, then they're going to give all the money to charity, and say, "See - why take SS's 5% when you can make 20% or more in the market". Damn, those Repukes are clever.

[Olney Blue]

79. or helping the homeless......

:patriot:

[unblock]

85. anyone recall the movie "bob roberts"?

the whole campaign bus was a mobile trading floor

[peacetalksforall]

95. You're kidding? There's a movie similar to this? That means

that once again they aren't even creative!

[unblock]

97. "bob roberts" was way ahead of its time. it's scary.

tim robbins had these banana republicans pegged early on.

[littlefrieda]

120. Great movie

Scary movie

[autorank]

87. Get ready for Marion OH fellas...

This is not at all ... go directly to jail, do not pass go, do not collect $200.00.

I hope this is nailed down. We'll see a recall.

[ClayZ]

90. Recall ... What a Great Word!

Oh, yeah!

[autorank]

104. TN is probably about had it with Frist.

They blew it in 2000, voted against their guy and certain improvements in the state.

What did they get, "In Frist We Trust"

It's sayanora time baby, if he did this, then he's to totally cooked.

Start the petitions in Memphis and Chattanooga, then hit Nashville. Just f' him over, out on his ass.

Headline

Frist Abandons Presidential Bid after Losing Recall Election

Says, "Whats wrong with Day Traders in my office?"

[txindy]

110. I wonder if those were the traders who helped Billy dump his shares?

The shares in his family's medical care facilities that he dumped using inside information, I mean. Perhaps these folks that just happened to be using his office helped him unload those pesky shares at an extremely opportune moment.

[autorank]

124. Case of mixing business with pleasure. Maybe they're Boy Scouts

learning about Congress;)

Did you see the scandal, my favorite, about a Republican Rep. who got caught loaning a bank president money to get a better rate on a mortgage.

Damn, that's a gread definition of DECADENCE:

You know your country is DECADENT when the politicians have to loan the bank officers money?

I think I'll start a series on that. Catchy....

You know your country is DECADENT when the Senate Majority Leader has day traders in his office dumping family shares.

[txindy]

146. Here's yet another, from today's 'USA Today'

The congressman & the hedge fund

One day after a New York investment group raised $110,000 for Republican Rep. Jerry Lewis, the House passed a defense spending bill that preserved $160 million for a Navy project critical to the firm. The man who protected the Navy money? Lewis.

The fundraiser, which took place July 7, 2003, and the subsequent vote illustrate the kind of relationship between congressman and contributor that's under increased scrutiny in the nation's capital.

A fellow California Republican, Rep. Randy "Duke" Cunningham, resigned in November after admitting he helped steer Pentagon contracts to two of four businessmen who paid him more than $2.4 million in bribes. Former top GOP lobbyist Jack Abramoff pleaded guilty last month to using gifts and political donations in a conspiracy to bribe public officials. Both investigations continue.

These people are unbelievable. I've never seen such blatant arrogance and hypocrisy as I have since Junior was selected.


http://www.usatoday.com/news/washington/2006-01-19-cerberus-cover_x.htm

[FreedomAngel82]

129. Good question

Somehow he knew.

[missouri dem 2]

138. How could the frister have day traders trading shares in his

"blind trust" right there in his office? Oh, the tangled web we weave. Talk about hubris.

[FreedomAngel82]

128. According to James Carville

recently he said that Ford can win Frist's seat. Frist isn't running again but he'd be easy to beat with all this corruption! Didn't Gore just lose Tennessee by like 3-5%?

[OzarkDem]

147. But doesn't Ford have problems?

Can't Dems find someone to run against Frist who doesn't have their own baggage? IMHO, if these Repub seats are vulnerable, we should be filling them with the best and most qualified candidates, not flawed candidates with name recognition.

[Sydnie]

96. Yep, that will do it!

[Catherine Vincent]

93. Those republicans are a bunch of corrupt mofos on the planet!

[Doctor_J]

100. Be sure to vote in my poll

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=180063&mesg_id=180063

[Doctor_J]

98. Is it too much to ask that one of them went short on airline stock

on 09/10/2001?

[Ouabache]

109. Oh you know one of them did

and WHO told him to do it?

[tuvor]

115. CNN and Faux are readying missing pretty white girl stories...

...as we speak.

[ClayZ]

117. They are probably kidnapping white girls in 10 states!

I am getting more cynical by the minute!:think:

[HughBeaumont]

150. HA! Leading story!

http://www.cnn.com/

[progressivebydesign]

122. Hmmm maybe time for their usual OBL tape, instead.

Just like the night before the election.

[ClayZ]

125. Has anyone looked for OBL in the guest house

at Crawford?

[elehhhhna]

225. He can't use the guest house! The day traders are in there. duh

lol

[nickyt]

183. WOW, prog,, did you call this one or WHAT?! n/t

[ClayZ]

213. OBL and a Missing White Girl lead stories on CNN

http://www.cnn.com/ :kick:

[progressivebydesign]

187. OMFG!!!!! I CALLED IT!!

http://news.yahoo.com/fc/world/osama_bin_laden_and_al_qaida

Am I good or what????

[Tight_rope]

201. Yes...you get credit for calling this one...

[ClintonTyree]

171. Nah, all they have to say is, "The Democrats did it too"...

or, "Bill Clinton said he thought about this once" and we're off to the races. No need for missing white girls on this one, just the standard boilerplate "the Democrats did it too" (true or not) will suffice.

[Liberty Belle]

133. I've heard Appropriations Committee members called their brokers

to buy stock in defense contractors they'd just awarded big contracts to, before the news was made public.

That's a couple of years ago; probably still goes on. Supposedly it wasn't illegal since Congress exempted itself from laws that would make such actions insider trading if done by anyone else.

Can anybody confirm?

[ngGale]

135. This could be bigger than...

the sinking of the Titanic, the makings of another blockbuster.:popcorn:

[Binka]

136. The Bad Ship Lolly Bush Is About To Meet An Iceberg

:evilgrin: About fucking time!!!

[tiptoe]

137. Their true moral colors and priorities. n/t

[Hubert Flottz]

141. Has anyone found any corroborative links or stories anywhere

else???

If this tale is true, this really is the biggie!

[IndyOp]

143. This is *not* illegal folks - Thom Hartmann had a guest

Congressman on his show sometime in the last few weeks who talked about Congressmembers making big bucks doing the government version of 'insider trading' -- it is illegal if people in business do it, but not at all illegal if people in government do it.

Sorry I can't recall the name of the Congressman - but he is a fairly new guy who was *shocked* to hear that many in government do this.

[benburch]

144. It became illegal when they brought in a third party.

The "Day Traders" referred to here. The implication is that they influenced votes to match the trading position of their "clients".

[IndyOp]

151. The 'not illegal' situation they were discussing on Hartmann:

The Day Traders were there solely to place orders of people in Congress who knew the likely outcome of votes and could use that as 'insider information' for investing that is not illegal - gov't personnel using information to make investments. Example: If I know the likely outcome of a vote will benefit the pharma companies and I (Congress Critter) have my Trader place an order just before the vote happens, so that I get in before the market, then that is not illegal. This is the situation that was discussed on Hartmann a few weeks back.

If Day Traders were using the information for other clients - that is illegal on the part of the trader.

If the CongressCritters were swaying votes to maximize their personal investments - then that sounds illegal on the part of the Congress person.

[No Exit]

149. Indy Op, that doesn't jibe with my memory of

SEC rules. I am NOT an expert on them. But I was, while in school, familiarized with some of them. I seem to remember that people who had NO connection to the corporations in question getting in trouble for trading on information which was not available to the general public.

In short, I think there WAS a violation of SEC rules here. It is not "insider trading" but insider trading is by no means the only way one can run afoul of the SEC. Will look it up later, after work.

[IndyOp]

152. I know nothing about SEC rules - just recall that there is *some*

loophole about members of Congress using their insider knowledge about congressional activities to benefit their investment portfolios. I wish Hartmann's show provided transcripts...

[No Exit]

229. Well, it certainly wouldn't surprise me if the actual congresspersons

had written an exception for THEMSELVES into this or that law. But these day traders--they themselves were not congressmembers, were they? I mean, they themselves were staff, right?

Betcha there's no exception for THEM.

I still haven't gone back to look it up. But I remember deep discussions (this was from the time when computers were not in every office) of things like, say, a janitor finding sensitive documents in the trash, and using the info to trade, and getting in trouble for it. I kid you not.

[reality based]

159. It doesn't matter whether it is technically legal or illegal

If these allegations are true, they are political dynamite.

[Caretha]

169. Be sure and let Martha know

It's not illegal.

[OzarkDem]

148. Why haven't Dems brought this up before?

I hope they put it at the top of the Dem agenda.

[Yavin4]

154. This Is Like NFL Running Gambling Out Of The Referees' Office

Wow. Can't get more inside than that.

[benburch]

163. Where the refs tell you BEFORE the game, what the result will be...

and you can even tell them to give you the result you want!

[cyberpj]

166. 3 PROMINENT NEWS ARTICLES on Senators' above average stock profits:

3 articles follow:

1. Business Report - Enter senators, and returns go sky-high
Nov 2005

snip...
That is an impressive performance, as fund managers are thought to have the Midas touch if they regularly outperform by about 3 percent, and even hedge funds - which charge steep fees for performance - are now on average only 6 percent better than the market.

The academics who conducted the study looked at 6 000 stock transactions made by senators between 1993 and 1998. They noted that the senators did an especially good job of picking up stocks at just the right time - their buys were typically flat before they bought them, but beat the market by 30 percent, on average, in the year after.

However, it seems the senators might have been given a helping hand. Alan Ziobrowski, a professor at Georgia State University, and his colleagues concluded that at least some senators must have been trading "based on information that is unavailable to the public".

http://www.busrep.co.za/index.php?fArticleId=2984593&fSectionId=613&fSetId=662


2. New Yorker - CAPITOL GAINS - Are senators really that smart?
Oct 2005

snip...
Are senators really that smart? The authors of the study suggest a more likely explanation: at least some senators must have been trading “based on information that is unavailable to the public”—in other words, they were engaged in some form of insider trading. It’s impossible to pin down exactly how it happened, but it’s easy to imagine senators getting occasional stock tips from corporate supplicants, and their own work in Congress often deals with confidential matters that have a direct impact on particular companies.

http://www.newyorker.com/talk/content/articles/051031ta_talk_surowiecki


3. New York Times - First-time Senators did especially well
Feb 2004

snip...
"The results clearly support the notion that members of the Senate trade with a substantial informational advantage over ordinary investors," says the author of the report, Professor Alan Ziobrowski of the Robinson College of Business at Georgia State University.

He admits to being "very surprised" by his findings, which were based on 6,000 financial disclosure filings and are due to be published in the Journal of Financial and Quantitative Analysis.

"The results suggest that senators knew when to buy their common stocks and when to sell."

First-time Senators did especially well, with their stocks outperforming by 20 per cent a year on average - a result that very few professional fund managers would be able to achieve.

http://www.nytimes.com/financialtimes/business/FT1075982783472.html?ex=1393131600&en=84995e065fb67b58&ei=5007&partner=USERLAND

[Ganja Ninja]

167. These guys are literally burying one scandal with another.

There's a new one everyday.

[Dinger]

211. You Should Post That As A Separate Thread Because You Hit The Nail On The

head! That is it EXACTLY!!!

[savemefromdumbya]

170. they should RESIGN from Government completely

then there will have to be an election

[HamdenRice]

174. Sorry to BURST EVERYONE'S BUBBLE, but this is NOT illegal

For a Senator to be day trading is of course, extremely unethical, sleazy and politically damaging, but this is not illegal insider trading.

There is a great deal of misleading information flying around on this thread, so I thought we should clear up a few things.

Insider trading occurs when someone who is insider of a corporation or a recipient of information from someone who is an insider of a corporation, trades on material, non-public information.

The typical insider trade is when a CEO or other officer knows that the next quarter's earnings are down, and that therefore the stock price will decline, and sells or shorts the stock.

Notice the important elements of this scenario. The trader must be an insider -- an officer, employee, or other person with a fidiciary relationship to the corporation the securities of which are being traded, or professional retained by the corporation in a position of trust (like a lawyer, broker or accountant). The information must also be non-public.

For a Senator to trade, for example, on the effect on the shares of a corporation, of legislation he knows is going to pass, is not insider trading. He is not an officer of the corporation, and has no fiduciary relationship or relationship of trust with the corporation.

Also almost all this political information would be considered public, rather than non-public, information. Anyone on capitol hill plugged into the gossip mill, or with the fortitude to listen to the proceedings of stupifyingly dull committe proceedings and read legislative reports will know this information. Even if it is tightly held by a few legislators, it is still not "confidential" within the meaning of securities laws.

The only exception I would make to this explanation is if, for example, Frist traded in his own family corporation's stock, as a result of non public, political information. But we already know he does that!

But I agree that this is politically damaging, and incredibly sleazy.

[Ganja Ninja]

175. You can't know whether or not it's illegal until you know ...

what they traded on and when they traded it and who they were in contact with at about the time they made the trade. It very well could be insider trading.

It sounds like an SEC investigation is warranted.

[NJCher]

200. exactly

Times of the phone calls would have to be studied, at the very least.




Cher

[Ganja Ninja]

207. Timing of the trades would also be very telling.

Lets suppose Tom owns 100,000 shares of corporation X and he sells those shares at 10:00 AM. At 10:30 AM the CEO for X Corp decides to sell 2 million shares he has and the price of the stock drops. Tom then buys back his stock for substantially less making a tidy profit.

Nice way to pass on a bribe without any direct linkage.

[elehhhhna]

226. Luckily, they'll lie under oath about it. Then they'll so down for THAT.

So there's a backup plan.

[specimenfred1984]

192. Knowing how a Politician Will Vote Ahead of Time...

isn't public info unless you're a mind reader.

It isn't known by the public until the vote is a matter of public record.

[HamdenRice]

193. You don't understand the meaning of "non-public"

The theory behind insider trading is that the information belongs to the corporation, and the trader is stealing that information for his own gain.

The way a politician is going to vote, no matter how private, is not corporate information under the securities laws. Moroever, the politician/trader is not an insider of the corporation.

But I accept Sillygoose and Sentinal's scenario in which a corporate insider is feeding inside corporate info to a politician, and the politician trading on that info. That is "tippee" insider trading.

Or if Frist knew political information and traded on his own company's stock.

But I was objecting to the idea, which you present, that the following is insider trading: a politician trading on political information, even secret political information, in stock in a company he is not an officer of or a tippee of an officer. It's sleazy, and unethical, but it's not what the securities laws were designed to prosecute.

[KoKo]

194. Day Trading off information they are getting while sitting in Committee

is what it was. You could make alot of money Day Trading on who is going to lose in a bill and who will win. And, you can get in and out fast. It was privileged information. And, agree with you it's not technically "Insider Trading" but "Day Trading" as you know is another whole game. And, it would make it somewhat harder to find out about...and prosecute.

Probably need a new rule about this.

[specimenfred1984]

197. Agreed

I would argue that the day traders at the politico's offices were "tippees", they knew ahead of time about news that would affect corporations and traded accordingly.

That is, if they traded before the votes. If they traded after the votes, then it's just an ethics violation.

[Old Smokey]

176. Crooks

No workin' sombitches.

[SillyGoose]

181. SEC info on insider trading...

Insider Trading

"Insider trading" is a term that most investors have heard and usually associate with illegal conduct. But the term actually includes both legal and illegal conduct. The legal version is when corporate insiders—officers, directors, and employees—buy and sell stock in their own companies. When corporate insiders trade in their own securities, they must report their trades to the SEC. For more information about this type of insider trading and the reports insiders must file, please read "Forms 3, 4, 5" in our Fast Answers databank.

Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information.

Examples of insider trading cases that have been brought by the SEC are cases against:

Corporate officers, directors, and employees who traded the corporation's securities after learning of significant, confidential corporate developments;

Friends, business associates, family members, and other "tippees" of such officers, directors, and employees, who traded the securities after receiving such information;

Employees of law, banking, brokerage and printing firms who were given such information to provide services to the corporation whose securities they traded;

Government employees who learned of such information because of their employment by the government; and

Other persons who misappropriated, and took advantage of, confidential information from their employers.

Because insider trading undermines investor confidence in the fairness and integrity of the securities markets, the SEC has treated the detection and prosecution of insider trading violations as one of its enforcement priorities.

The SEC adopted new Rules 10b5-1 and 10b5-2 to resolve two insider trading issues where the courts have disagreed. Rule 10b5-1 provides that a person trades on the basis of material nonpublic information if a trader is "aware" of the material nonpublic information when making the purchase or sale. The rule also sets forth several affirmative defenses or exceptions to liability. The rule permits persons to trade in certain specified circumstances where it is clear that the information they are aware of is not a factor in the decision to trade, such as pursuant to a pre-existing plan, contract, or instruction that was made in good faith.

Rule 10b5-2 clarifies how the misappropriation theory applies to certain non-business relationships. This rule provides that a person receiving confidential information under circumstances specified in the rule would owe a duty of trust or confidence and thus could be liable under the misappropriation theory.

For more information about insider trading, please read Insider Trading—A U.S. Perspective, a speech by staff of the SEC.

http://www.sec.gov/answers/insider.htm

http://www.sec.gov/answers/insider.htm

I agree with the above poster who said this warrants a SEC investigation.

[HamdenRice]

182. The paragraph on government employees refers to corporate info

<quote>
Examples of insider trading cases that have been brought by the SEC are cases against:

Corporate officers, directors, and employees who traded the corporation's securities after learning of significant, confidential corporate developments

...

Government employees who learned of such information <that is, such corporate information> because of their employment by the government

<unquote>

In other words, if for example, an SEC employee learned of a corporate development because of a corporate filing and traded on that information. It does not apply to information about legislation which is not "non-public".

My guess is that this will be an ethics investigation, not an insider trading investigation.

[SillyGoose]

202. Would the 'misappropriation theory' come into play here?

If I'm not mistaken, the 'misappropriation theory' covers abuse by an "outsider" with no fiduciary duty to the corporation or its shareholders who has knowledge of non-public info that will affect the securities price when revealed.

[HamdenRice]

203. I believe misappropriation theory still applies to corporate info ...

In other words, someone who has misappropriated property of the corporation. I believe it exists for certain weird cases where inside corporate info was found in a garbage can outside a corporations offices and traded on. Again it is corporate info. The dumpster diver has no fiduciary duty to the corp, but he has stolen or misappropriated its info.

One way of thinking of it is info that is generated within the corporation.

Think of it this way. Imagine you wanted to trade on oil company stocks. But you are the greatest geologist in the world and discover a way of figuring out where oil is that even the oil companies don't know. You look at a map and sell Shell and buy Citgo.

That is not inside info. You are just smarter or more informed. In fact the securities markets are designed to help you profit on your special knowledge and reward you.

Someone who scrutinizes politics and knows more about what bills will pass, etc, is like the geologist. His information was not developed inside of or property of the corporation.

I think these guys, however, would be punished on the congressional ethics side, not the SEC side of things.

[SillyGoose]

204. Rawstory just posted an article about this day trading situation.

Democrats are requesting an investigation by the ethics committee so it looks like you're right about it proceeding from an ethics standpoint vs. an SEC violation.

http://rawstory.com/news/2005/Democrats_want_ethics_committee_to_probe_0119.html

Democrats want ethics committee to probe 'day trading' allegations

After a comment by Rep. Louise Slaughter (D-NY) on Air America's Majority Report Wednesday evening, RAW STORY has learned that House Democrats are pushing the ethics committee to investigate allegations of congressional offices providing privleged information to Wall Street investors.

An article that ran below the radar in November revealed the "day trading" practice, in which little-known firms use sources in Congress to glean information relevant to publicly-traded stocks. As Washington turns its eyes to fallen conservative superlobbyist Jack Abramoff, new focus has come to other allegations of congressional wrongdoing.

Independently, RAW STORY has received word that such activity -- which involves passing on information to stock brokers on how the House is going to vote on legislation that affects large companies, such as Defense Appropriations bills -- is a practice that may go beyond a single individual or congressmember's office. Individuals on Capitol Hill have pointed to others already ensnared in the Abramoff probe as possibly having engaged in "day trading."

RAW STORY has acquired a letter sent by Rep. Brian Baird (D-WA) in November of last year to the House Ethics Committee requesting a formal investigation into the matter. Meghan O'Shaughnessy, Baird's press secretary, confirmed that the committee had received the letter but has not responded to the Democrats' request.

(more at link including Baird's letter)

[Ganja Ninja]

184. and what better way to bribe someone than to ...

feed them inside information or even deliberately manipulate a stock for them allowing them to profit at the expense of run of the mill investors.

[jasmeel]

185. Newsweek article?

Per this post by sillygoose:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=179499&mesg_id=179882

"This is really really big.

:wow: She said Newsweek knows about this and the Rules Committee will have a report out in 2 weeks called the 'Selling of America'. I hope these bastards get locked up good and tight for many years for what they are doing to this country.
Oh, my....this is going to be one heckuva year. :popcorn:"

Does anyong know if Newsweek is planning an article on this story?

[SillyGoose]

196. This is a link to Slaughter's comments provided by kpete upthread

She says her source about this also spoke to Newsweek about it.

http://shows.airamericaradio.com/play.php?file=TheMajorityReport/JANUARY2006/01-18-06/DAY_TRADERS.wma

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=179499&mesg_id=179748

[Tactical Progressive]

206. Clinton did it TOO!

"Come on! Aren't the Democrats just as bad as Republicans about this kind of thing? Let's be honest." - Chris Matthews

[sundancekid]

212. callind and begging SPITZER to weigh into this swamp too!! hello, SEC!

surely Spitzer can get NY jurisdiction on some leg of this ...

keep kicked
keep spread

this is almost as HUGH111111111111 as when we find out the actual stock trades made just before 9/11 attacks hit us ...

[GreenPartyVoter]

214. Good idea

[KamaAina]

215. I'll bet Frist's people were selling Purina short

once their boss kills all the kitties, demand for cat food plummets :evilgrin:

[Frustratedlady]

217. HOT Stock Tip!!!

In view of the recent disclosures of Republicans' hands in the till, insider/outsider trading (whatever you wish to call it) and in anticipation of more corruption yet to be uncovered, I am suggesting it would be a good time to buy into Orville Reddenbacher stock.

Let the show begin!

[samhsarah]

216. That cannot even possibly be fucking LEGAL!?

You have GOT to be kidding me. Holy shit.

[myrna minx]

221. Their hubris and corruption is like a bottomless pit. n/t

[Kurovski]

223. Wow...

it wouldn't really suprise me if they ran a brothel from a spare closet.

[jhain]

227. Reinforcements needed?