Congress trading stock insider information
Congress And Insider Trading
In the ensuing public outrage, Congress passed a law called the STOCK Act, and took a loud victory lap for supposedly putting an end to their own unscrupulous behavior. The only reason the STOCK Act passed in the first place was due to a massive public outcry. Congress had been forewarned about the impending economic bombshell in secret meetings with the Treasury Department and the Fed, and they used that information to move their personal funds out of the market at lightning speed.
The day after the meeting with the Treasury, at least 10 senators made trades to protect their financial interests, while Americans remained in the dark.
Congress Quickly And Quietly Rolls Back Insider Trading Rules For Itself | Techdirt
Congressman Jim Moran jumped ship too, frantically trading stock in 90 different companies — his biggest trading day of the year. Representative Spencer Bachus publicly tried to prevent the American economy from crashing — while privately betting it would.
He cleverly arranged his portfolio so that if the American people lost, he would make a profit. Just ask Nancy Pelosi. In , Visa offered congresswoman Pelosi IPO stock access just as legislation, which Visa strongly opposed, arrived at the House.
Pelosi, who was Speaker of the House at the time, never allowed it to the floor for a vote. In theory, the STOCK Act made it clear that members of Congress and their staff have to play by the same insider trading rules as everyone else.
How Congress Quietly Overhauled Its Insider-Trading Law : It's All Politics : NPR
The change was made as quietly as possible: There was no debate. Now, Congress is taking things a step further by actively stonewalling the first ever investigation into Congressional insider trading under the STOCK Act.
That lobbyist then shared the information with other firms who were able to use it to trade on health insurance stocks that would be impacted. How Congress Cashes In On The Stock Market. Trading stock on inside information.
Congress: Trading stock on inside information? - CBS News
New York Times — Tip on Medicare Spurs Insider Trading Investigation. Members of Congress and their staff should be held to the highest ethical standards, and must abide by the same laws as every other American. As voters and concerned citizens, we urge your full and immediate cooperation with the Security and Exchange Commission's ongoing investigation into Congressional insider trading.
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