by AwareBeing 10 Replies latest social current
The latest revelation to the public of governmental corrution has hit the news.
Some politicians have traded their stocks prior to the market crash!
It was they who gave allowance for themselves to engage in "insider trading."
Read more of the disgusting details and appropriate scriptures that pertain.
The Senate and the Congress have serious Insider Trading scandels as shown by the latest hearing against Senator Bachus who is on the Financial and Banking Services Committee. Both Parties are guilty.
The reality is simpler. Would we have traded in shares if we had insider knowledge and it would earn us a fortune (and there was very little chance of getting caught)? I suspect we all would. This isn't about politicians its about human nature. Why we treat our politicians as if they should be saints is beyond me. The assumption is first and foremost that everyone will follow their evolutionary won skills and maximise their own position. Once we get over the outraged morality we can then simply assume everyone will do it , forget such criminal enabling concepts as honour and trust and simply put in place clean, strict rules to govern all people (for example - in public office you are not allowed to own shares and must put them all in trust to be returned once you leave office.)
Tip of the iceberg!
Nothing you assert is illegal. Insider trading has a precise definiton. One must be an insider. The SEC has many rules. I came across much inside info riding the elevator in a law firm bldg. I don't think that being a legislator makes you an insider. Of course, outside of the strict SEC rules there are grey categories of people. Any secretary or maintenance person in a large law firm knows stuff that people outside the world do not possess.
If people traded a tad bit on insider trading, they prob. would not get caught. People get piggy, though, and the SEC and Justice comes calling.
People who read newspapers, such as the nYT and Wall St. Journal, Economist, or watch the Nightly Business News have one form of inside info.
BOTR...Wouldn't a congressman or senator be guilty of true insider trading if he/she owned at least 10% of the shares of a company and they had information that wasn't public knowledge?
I don't know the current SEC rules. They are available at the SEC website. People use "insider trading" too broadly. Besides the SEC, I have a feeling that the Congressional ethics committee might have rules about owning shares and particpating in committees with jurisdiction over the company. You have to know your duties way before the situation. Ignorance is no excuse. Certainly anyone in Congress prob. knows the rules.
I was floored at Tom Daschle's tax problems that made him withdraw from being the Obamacare and head of HHS, a health care czar. He had unique politcal credentials to help enact the health care reform. His former staff worked for Obama. Republicans were happy. He accepted a limo and driver from a well-wisher. More than $100,000/year. The IRS told him no way. He never told anyone of his tax problems when he was acting as health czar before Obama was elected. You don't need to be a tax lawyer to know that strangers don't give you $100,000 in exchange for nothing. If he had taken taxis, he'd be health czar.
Thank you designs; I didn't hear that senators name on my news channels.
Right Qcmbr; some counselors are taught that there are four basic categories that people fall under: 1) lovers, 2) pleasers, 3) withholders, and 4) controllers. So; 2, 3 and 4 would do wrong easily. Yet; even #1 type make mistakes in time.
Band on the Run and journey-on; so true! If we only knew the half of all the money politicians have hidden from the publics eye; I'm sure we'd all be pushing our eyes back in-to our eye sockets!
