Saturday, January 28, 2012
Do as we say, not as we do
A few months back people all across America were shocked to learn that Congress is exempt from insider trading laws and routinely engages in such activity. And now, despite large majorities of bipartisan support for change and a call from the President to do so, Congress is showing no signs of giving up its lucrative privilege.
President Obama's plea to ban Congressional insider trading may poll well and have bipartisan support, but it's already facing stiff resistance from lawmakers the morning after his State of the Union address...It is curious that the wealthiest members, those who need insider trading least, are most likely to be opposed. I guess greed does eat away a man's character
the other members of Congress who were mum on insider trading reform were Republican Sen. Mike Crapo, who said Obama's remarks raised more questions than answers, and Democratic Sen. John Kerry, who was targeted Schweizer's book.
Sen. John Kerry (D-Mass.), one of the wealthiest members with a minimum net worth of $181 million, wouldn’t answer directly on whether members should limit the stock they own. “I think what he’s talking about is avoiding conflicts of interests, which we should do,” Kerry said. “I think it’s very important not to have these conflcits of interest.”
Sen. Portman added "I’m not sure I see the need for it in Congress."
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Members should be required to disclose major transactions in the same time as it is for everybody else. Business has a two day limit, but most corporates file in one, if congress needs to continue a double standard, five days should be enough.
I used to wonder how you could enter Congress broke and leave rich. Delay was a bankrupt when he was elected, he isn't now.
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