Congress/ insider trading

60 Minutes just aired an update on their insider trading by Congress, the long & the short of it is that they finally overwhelmingly passed a bill that prohibits it but they did drop the part that would have closed their way to legally go around their new bill. We got to clean all these clowns out (both parties).
http://www.cbsnews.com/8301-18560_162-5 ... ontentBody

This gets even better, & some of you think that Congress is working for the people.
http://www.moneynews.com/FinanceNews/Co ... /id/446051

samhill wrote:This gets even better, & some of you think that Congress is working for the people.
http://www.moneynews.com/FinanceNews/Co ... /id/446051

Now you are talking Sam. Gimme that old time religion.

franco b wrote:

samhill wrote:This gets even better, & some of you think that Congress is working for the people.
http://www.moneynews.com/FinanceNews/Co ... /id/446051

Now you are talking Sam. Gimme that old time religion.

Think we're finally breaking him Down Franco? heheh

Politicians are people and as such they look out for their own self interest. We benefit when their interest and ours benefit from the same action. This is why politicians love to regulate. Regulation gives the politicians the ability to create winners and losers, or at least tilt the field in favor of those they wish to win. The only way we will ever fix this is with more regulation.
Don’t believe me? Ask your congressman.

It's my understanding that our United States is the only country that has made insider trading (by anyone) illegal. Apparently the rest of the nations feel that it's just as likely to lose you money as to make you money.

In the old days the king would grant his pals a monopoly on a product, like the importation of wine. Things don't change very much.

You seem to be missing the point, in the U.S. a insider trading law is in effect (laws are passed bt Congress) the law that was didn't pertain to them & them only. So once caught after well over a year they pass another law that would at first cover even themselves but then they put in the small parts about their family not being held to it. There is also the reporting of trades of over $1,000, so they themselves could make ten $999.99 trades & never have to say a thing. I always thought that there was a little quirk about no man being above the law but I guess that doesn't include the one that makes the law nor his family. I'll bet Martha Steward is thrilled about this.

Another up date, I like the part where Cantor said he didn't & then said he did but didn't know it. I still don't think it goes far enough.
http://www.cnn.com/2012/08/02/politics/ ... ?hpt=hp_t1