FACEBOOK
TWITTER
Congress Protects Insider Trading for Congress
by Peter Gorenstein in TechTicker:
Even a cynic can find Washington’s hypocrisy shocking at times. The Wall Street Journal reports [yesterday] a House bill that would force lawmakers to make greater disclosures on financial transactions and disallow them from trading on nonpublic information is going nowhere fast.
That’s right. Members of Congress are currently allowed to profit on insider trading!The bill, which has been languishing in the House for four years, would require elected 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 WSJ reports.
It seems they’re above the transparency they’ve been calling for on Wall Street.
This comes a day after the same newspaper reported several lawmakers profited by betting against the housing and stock market in 2008. And some did it using derivatives they’ve recently been railing against.
As our colleague Henry Blodget wrote Tuesday, “If you’re going to complain about how awful short-selling is and how evil and venal people are for doing it, you should probably abstain from the practice yourself.”
Short URL: http://www.veteranstoday.com/?p=30239
Posted by Yanira Farray on May 6 2010, With 0 Reads, Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
COMMENTS
To post, we ask that you login using Facebook, Yahoo, AOL, or Hotmail in the box below.Don't have a social network account? Register and Login direct with VT and post.
Before you post, read our Comment Policy - Feedback
Mike,
Just a suggestion, but in the future mention the Bill number.
By the way, I would like the Bill number for this legislation.
Thanks.
[...] the original article at Veterans Today var addthis_pub = ''; var addthis_language = 'en';var addthis_options = 'email, favorites, digg, [...]
My cousin recommended this blog and she was totally right keep up the fantastic work!