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Posts Tagged ‘insider trading in Washington’

Congressional Insider Trading: Bait and Switch

Posted by Larry Doyle on September 11th, 2013 9:57 AM |

Are people aware that Congress had meaningfully changed the legislation outlawing insider trading atop Capitol Hill? This bait and switch occurred a few months back but received very little fanfare at the time.

It deserves not only attention but real exposure. With no transparency there will never be a meaningful return of trust but that virtue is in short supply in the crony style of capitalism played in our nation’s capital. But I guess we are told to very simply “move along, nothing to see here.”  I thank the regular reader who shared the following(more…)

Insider Trading in Washington: Here We Go Again

Posted by Larry Doyle on April 18th, 2013 7:10 AM |

If transparency is the great disinfectant, then the stench emanating from Washington not only remains strong but just got a whole lot stronger. How so?

Recall that the STOCK Act, that is the legislation passed a year ago to outlaw insider trading in Washington, only came into being after a 60 Minutes expose embarrassed Congress to address this racket. Prior to that the legislation sat bottled up in committee for many years.

Well, if you had any real confidence that the STOCK Act would really clean out the insider trading stables in Washington, think again. With both old holes and recent new holes in this smelly piece of legislation, this act should be renamed the Molded Swiss Cheese Act. Thanks to the regular reader who brought this stench to my attention. Let’s navigate.  (more…)

Stock Act: Penalty Does NOT Fit the Crime

Posted by Larry Doyle on April 5th, 2012 7:53 AM |

America only had to wait for a 60 Minutes expose and more than half a decade to witness our elected representatives pass a meaningful piece of legislation addressing insider trading on Capitol Hill. If those two basic facts do not speak volumes as to the quality of character of those governing our nation, then let’s navigate further.

President Obama’s signing of the STOCK Act outlawing insider trading in Washington is heralded as a major achievement. If that is the case, then we are holding the bar exceptionally low.

I will grant that our nation is better off having the STOCK Act than not, but let’s hold the applause. As a further reminder that there are two sets of standards in our nation, let’s review how ‘justice’ is defined within the realm of insider trading.  (more…)

Selling Inside Information in Washington Continues

Posted by Larry Doyle on March 27th, 2012 8:07 AM |

Has trading on inside information now come to an end in Washington?

Congress will pat itself on the back and trumpet the passage of the STOCK Act as an indication that Washington has heard the hue and cry of the people to stop insider trading by the sycophants—that is, our elected representatives and their staffs— in and around Capitol Hill. The vote of 96-3 in the Senate was a strong indication as to how important it was to pass this legislation.

Now that the legislation has passed, should we assume that Congress is no longer in the business of personally profiting from trading on inside information? Not so fast.  (more…)

Jim Himes Co-Sponsors Legislation to Stop Congressional Insider Trading

Posted by Larry Doyle on November 21st, 2011 5:10 PM |

A week ago, I wrote Sense on Cents Calls Out Congress to Pass H. R. 1148 Outlawing Congressional Insider Trading.

In the midst of writing my commentary, I highlighted that:

I called my Congressman Jim Himes (D-CT) this afternoon and informed his spokesman of my initiative here at Sense on Cents. I let him know that Jim’s name will be published at Sense on Cents as supporting this legislation or not.

I got his spokesman’s attention and let him know how great the blogosphere was at spreading this type of information. He fully understood.  (more…)

Sense on Cents Calls Out Congress to Pass H.R. 1148 Outlawing Congressional Insider Trading

Posted by Larry Doyle on November 14th, 2011 5:23 PM |

Why does it take an expose on 60 Minutes to create a stir in Washington on legislation which never should have to be written if our Congressmen had some principles and a conscience?

Well, perhaps basic values and principles are too too much to ask or expect of those in Congress. So how might we get Congress to move forward on H.R. 1148: Stop Trading on Congressional Knowledge Act?

What does this act do? It’s quite simple.

To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by members and employees of Congress of securities transactions, and for other purposes.

How might we get the louts in Washington who have shelved this initiative whenever it has come up to move forward on it?  (more…)






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