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pandy
11-19-2011, 10:34 AM
I just found out about a 60 minutes report that will run on this Sunday’s show which blew my mind. It shows how members of Congress are exempt from laws regarding insider trading and how they trade stocks in companies that they have helped get grants and gov’t loans. There’s a book called Throw Them All Out that covers this.



Nancy Pelosi has made millions doing this and she is drilled at a press conference by 60 minutes reporter Steve Kroft.



Pandy



http://www.cbsnews.com/8301-504803_162-57323518-10391709/questioning-pelosi-steve-kroft-heads-to-d.c/?tag=cbsnewsMainColumnArea.3

Questioning Pelosi: Steve Kroft heads to D.C.


"Nobody would talk to us." That's what 60 Minutes correspondent Steve Kroft says happened when he tried to get members of Congress to talk about "insider trading" on Capitol Hill.

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.

"You don't like to do that stuff," Kroft tells Overtime producer David Rubin. "But on the other hand, if they don't want to talk to you and they don't want to give you an interview, and they are in powerful positions and play a prominent role in the story that you're doing, then you feel like sometimes you've got to do it."

lamboguy
11-19-2011, 10:50 AM
I just found out about a 60 minutes report that will run on this Sunday’s show which blew my mind. It shows how members of Congress are exempt from laws regarding insider trading and how they trade stocks in companies that they have helped get grants and gov’t loans. There’s a book called Throw Them All Out that covers this.



Nancy Pelosi has made millions doing this and she is drilled at a press conference by 60 minutes reporter Steve Kroft.



Pandy



http://www.cbsnews.com/8301-504803_162-57323518-10391709/questioning-pelosi-steve-kroft-heads-to-d.c/?tag=cbsnewsMainColumnArea.3

Questioning Pelosi: Steve Kroft heads to D.C.


"Nobody would talk to us." That's what 60 Minutes correspondent Steve Kroft says happened when he tried to get members of Congress to talk about "insider trading" on Capitol Hill.

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.

"You don't like to do that stuff," Kroft tells Overtime producer David Rubin. "But on the other hand, if they don't want to talk to you and they don't want to give you an interview, and they are in powerful positions and play a prominent role in the story that you're doing, then you feel like sometimes you've got to do it."the story ran last week, and the deal with rep. BACHUS got me the most, he bought put options on the s+p and made millions in days after the meeting. after these guys get the money, they really don't care if they get re-elected again or not. POLOSI and BOEHNER have no problem getting re-elected, they never have anyone that runs against them

Tom
11-19-2011, 10:56 AM
If a law has exemptions, is is not a good law.
The government is 100% corrupt and cannot be trusted at all.

lamboguy
11-19-2011, 11:07 AM
i don't think anyone understands the BACHUS deal. he is in the meeting and knows whatever the plan is and knows its bad, so he runs out of the room and bets against the country. its like you are training a horse that is going to be the favorite in the race, and you bet all your money against that horse because you know the horse can't run. not only that, but for the privilage's he has he gets paid pretty good.. something like $175k per year plus expenses, and i think the expenses are more than the actual pay. not only that, its a part time job, they might only work 7 months a year for the money. throw in a few perks and a good congressman can walk out of that place without a worry in the world and sit on an island somewhere and drink pina collada's all day and laugh at you for giving him all the money.

not that what polosi or the speaker did was good, but they didn't make the bet against us.

DJofSD
11-19-2011, 11:19 AM
The Bachus issue as covered earlier this week on Kudlow: http://www.dailymarkets.com/economy/2011/11/18/cnbc-smackdown-rep-bachus-vs-schweizer/

Be careful about jumping to conclusions. There are issues of semantics, differences of opinions on legal interpretation, etc.

Also, Bachus appeared on the program and Schweizer refused to appear at the last minute. Schweizer appeared the next day.

GameTheory
11-19-2011, 11:31 AM
Every year a bill is introduced to end this practice, but somehow never gets voted on. Thanks to this story, it now has dozens of co-sponsors. Maybe it'll actually make it through this time...