Watching 60 minutes tonight

[Autumn]

Insider trading in Congress. I think my blood pressure has sky rocketed, this is why we are not represented.



"It turns out that it is not illegal for member of Congress to make stock trades using inside information they learn while working on legislation, and Steve had some questions about some specific stock trades.

Since nobody involved would give him an interview, Steve had to find other ways to get some answers. As you'll see on Overtime this week, Steve looked for some lawmakers at their homes, attempted to track others down in their offices, and finally ended up asking questions at press conferences held by Nancy Pelosi and John Boehner."




http://www.cbsnews.com/8301-504803_162-57323518-10391709/questioning-pelosi-steve-kroft-heads-to-d.c/

edited to add a second link

http://www.cbsnews.com/8301-18560_162-57323527/congress-trading-stock-on-inside-information/

[peacebird]

1. Our congress critters suck on both sides of the aisle

They are all pawns of corporations, and all agents against the best interests of the middle and lower classes

[Autumn]

5. This is corruption

nothing else to call it.

[gateley]

2. I think in reality it's not illegal for a member of Congress to do ANYTHING, regardless

if it's "illegal" or not.

[Fumesucker]

3. The very best government money can buy...

Warms the cockles of me heart, truly.

[Autumn]

7. Warms something on me too. but

more like burns my ass.

[elleng]

4. Good to hear about the segment,

eapecially after abramoff's book and recent interviews. Fits right in with 99%, and provides We the People more real fodder to insist on change.

[Autumn]

6. This is why OWS has to get

bigger, and we need to occupy Congress.

[eleny]

8. Made my blood boil, too

[spanone]

9. saw it....infuriating

[RKP5637]

10. How will this be stopped. None on the take, congress, are going to do a damn

thing for the most part.

[Autumn]

11. As things are now, it can't be stopped

The wolves are guarding the sheep. :(

[RKP5637]

13. Congress is obsolete! n/t

[uberblonde]

12. Before you jump to conclusions...

This segment was based on information from a Breitbart editor. Media Matters has a rebuttal:

http://mediamatters.org/research/201111130006

[Autumn]

14. It wasn't just Nancy

it included, Bachus, Hastert, Boehner and others. A former congressman, Baird tried to pass legislation to stop it but couldn't get anyone to sign on other than 6 people.
When they come up with a rebuttal for the rest of them then I will be happy to apologize for jumping to conclusions. It was a very well done piece. It got both parties. And it made me furious.

[Name removed]

35. Deleted message

Message removed by moderator. Click here to review the message board rules.

[WhaTHellsgoingonhere]

16. Baird's a Democrat, and 60 Minutes went after Boehner, Hassert, and other Repubs

They all look culpable. Heck, no one, Dem or Rep, bothers to show up each time Baird introduces the bill. Democrats can be douchebags, too. The Republicans haven't cornered the market on douchebaggery.

[WCGreen]

19. Thanks for that heads up....

It's the whole outmoded belief that if something is in print or appears on air in the guise of news it has been vetted....

[Cali_Democrat]

15. How in the world is that not illegal?

:wtf:

[WhaTHellsgoingonhere]

17. Because they wrote the law that way.

Should it be. Of course.

[Name removed]

37. Deleted message

Message removed by moderator. Click here to review the message board rules.

[slipslidingaway]

18. knr - Also discussed the "burgeoning “political intelligence” industry"

http://sunlightfoundation.com/blog/taxonomy/term/political-intelligence/

"On the intersection of K Street and Wall Street lies the burgeoning “political intelligence” industry, where lobbyists, advisors and other DC insiders use their campaign contributions, connections and clout not to shape legislation, but to make investment decisions. The Stop Trading on Congressional Knowledge (STOCK) Act, H.R. 1148, introduced by Representatives Walz and Slaughter would shed some light on political intelligence activities by requiring firms that specialize in gathering nonpublic information from Hill sources to register with the House and Senate, as lobbying firms are required to do. The bill also creates rules to tamp down the occurrence of insider trading by members of Congress.

...The political intelligence industry relies on remaining in the shadows. The website for one firm that specializes in political intelligence notes,

Our political intelligence operation differs from standard 'lobbying' in that the OSINT Group is not looking to influence legislation on behalf of clients, but rather provide unique 'monitoring' of information through our personal relationships between lawmakers, staffers, and lobbyists working the K Street - Pennsylvania Avenue corridor. Providing this service for clients who do not want their interest in an issue publicly known is an activity that does not need to be reported under the Lobbying Disclosure Act (LDA), thus providing an additional layer of confidentiality for our clients.

If the STOCK Act passes, the “additional layer of confidentiality” will disappear, helping to ensure that insider information is not driving investment decisions for a few, leaving the rest of us in the dark."


Posted links to the bills in in the other thread.
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2299143&mesg_id=2300491

[Pigheaded]

25. This part really perturbed me.

[slipslidingaway]

29. Me too. n/t

[fasttense]

20. Well, back when Tenn. US Senator Frist was still sucking on the government tit,

There was a scandal about him having day traders in his DC office ready to make that stock trade as soon as Frist found out if the bill would be passed.

The bushes RepubliCON congress were trading stocks left and right while deciding our legislative future. Yet, 60 minutes failed to do a report back then. I wonder why they got off their high horses now?

[Frank Jameson]

21. I wonder if it would do any good if we all wrote

our Representative and ask them to co-sponsor the bill referred to on 60 Minutes ?

[closeupready]

22. That's a good suggestion.

I'm going to do that today. Thanks.

[yellowwood]

23. This is the Best Suggestion

Don't just complain. Write to your Congresspersons! Demand reaction to this!
CBS should be commended for this journalism.

[CanonRay]

24. One set of rules for them, another for the rest of us

Example #969...to be continued.

[lpbk2713]

26. I watched and found the article enlightening.

Now we know why candidates will fight tooth and nail and spend Millions of
$$$ in hopes of being elected to an office that pays less than $200,000.

[Bryn]

27. and Martha Stewart went to jail

for doing same thing. Right?

[jtown1123]

28. This is not illegal. They are not privy to any info that isn't already public knowledge

the piece was silly. This would be a massive conspiracy of epic proportions. He was suggesting that being in hearings gives them some sort of special info. Not true. All the info he talked about was public knowledge. Anyone can go to the LOC website to look at bills, and where they are int he legislative process and make investing decisions from there.

[Autumn]

33. Damn Democrat Baird and his conspiracy of epic proportions

trying to pass legislation to stop these congress people from doing something that is just a conspiracy. :rofl: The man must give Democrats a bad name. Did you even watch it? I think I believe this article a lot more than I believe a poster on a message board.

[bvar22]

30. Well THAT explains THIS:

Now THIS is Bi-Partisanship!
Better get used to it!
Hahahahahahahahahaha!

They didn't Save the Economy.
They saved THEIR portfolios and insider relationships with Wall Street.


The segment with Pelosi weaseling & waffling was especially nauseating
as she tap danced away from direct questions.
They ARE the 1%, and get insulted at any suggestion that they be held to the same rules as the Peasants.



You will know them by their WORKS,
not by their excuses.
Solidarity99!
--------------------------------------------------------------------------------------------------------------------------------

[Bryn]

31. +1000000

"They didn't Save the Economy.
They saved THEIR portfolios and insider relationships with Wall Street."

Nearly all of them are corrupted. WH needs cleansing and start over. We need a Frodo to destroy the Evil Ring.

[watercolors]

32. Guess thats why there are so many millionaires in congress!!!

[JPZenger]

34. Responsible Officials Use a Blind Trust or an Index Fund

A member of Congress should not be invested in individual stocks that they pick themselves. Responsible federal officials and federal judges use a blind trust, in which they are not told which stocks are owned by their account. A cheaper way to avoid conflicts of interest is to invest in a diversified index fund, in which investments are spread between hundreds of companies.

[slipslidingaway]

36. kick nt