SEEING DOUBLE – “congressional 'insider trading'” – double-dipping + legal double-standard (congressional ‘insider trading’ is NOT illegal) – within the insanity that congress is a village of idiots whose main virtues are greed and selfishness -- why is “congressional insider trading” not covered by ‘conflict of interest’? because the logic of greed trumps the logic of conflict. In other words, if you are greedy enough, you will feel no conflict.
Toward the end of 2011, 60 Minutes disclosed the story that members of Congress, including House leader John Boehner and former House leader Nancy Pelosi, were trading stocks and options based on inside information. (http://seekingalpha.com/article/315814-congressional-insider-trading-no-wonder-america-disapproves)
The most unacceptable thing about this double standard where Congress awards itself immunity (no need for anything like ‘judicial immunity’ that must be grounded, say, in a jurisdictional element), is that they also resist the Stop Trading on Congressional Knowledge (STOCK) Act. (http://www.washingtonpost.com/politics/bill-to-ban-insider-trading-in-congress-is-suddenly-popular/2011/11/30/gIQAn193DO_story.html)
This is not to say that since Congressional insider trading is acceptable, then wall street insider trading should be also. Nor is the reverse to be automatically accepted – that since wall street insider trading is illegal, then Congressional insider trading should be illegal, The important thing here is that whether in the arena of business, of politics, or of any other arena, when individuals abrogate moral responsibility to the dustbin, they should pay restitution to parties they have injured.
Hey Joanne I don't think insider trading should be illegal. 99guspuppet
ReplyDelete