“[the STOCK Act is a]…culmination of years of work on these issues by Republicans and Democrats in the Senate and the House, and would strengthen and clarify key aspects of Federal criminal law to help investigators and prosecutors attack public corruption.”
~ Senator Patrick Leahy [surely he jests]
I applaud President Obama for signing the STOCK Act. He did all he could do. I can’t criticize President Obama but I sure can criticize this law.
People serving in Congress have been getting away with insider trading for years and it was only a 60 Minutes special that made them pass the law making it illegal for them to engage in the practice.
For those who don’t know, the STOCK Act prohibits Congress from benefitting because of Insider Trading, except in real estate. So if they find out about a railroad coming through town and they can benefit from buying up real estate, they will. Oh well, we can’t expect them to go by the rules the rest of us must follow.
So all of you who saw Martha Stewart do the perp walk and serve time in jail can now expect that of Congress, right? No, WRONG!
Congressmen, who act like they did such a grand thing by passing this law, won’t have to serve time in jail like us mere mortals. They only have to forfeit their pensions.
Prior to this law, if someone in Congress was convicted of a crime while serving in Congress, they forfeited their pension. The STOCK Act expands that to include insider trading. How many times have congressmen actually forfeited their pensions?
I am very cynical that any of them will ever have to give up their pension. Look at Charlie Rangel. They will get letters in their files. Why does Martha Stewart have to go to jail and these congressional corrupticians don’t?
The congressmen will make more money taking their chances with insider trading and forfeiting their pension even if the law in enacted. I want them to go to jail like everyone else. In fact, it is too bad it can’t be retroactive. Anyone serving in Congress who has been engaging in insider trading has questionable character and no right to serve.
Pelosi made a killing off of IPO’s with trades that would have landed the rest of us in jail for years. Let’s not forget Senator Bachus, Chairman of the House Financial Services Committee. In 2008, when everyone else was losing their shirts, he was selling short and making tens of thousands of dollars from information he obtained in secret meetings with Bernanke.
The STOCK Act will be business as usual.
“The lobbyists get rich. Wall Street traders get rich. But the American people lose.”
~ Senator Grassley
Read here: We’ve Been Flimflammed