The power of III

Summum ius summa iniuria--More law, less justice

14 November 2011

Congressmen allowed to make millions through LEGAL insider trading

Public servants, my Aunt Fannie!

Legal for them, and not for any of us mundanes:


Update: we have learned that the current iteration of HR 682 is HR 1148, it's purpose is "To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes" sponsored by Tim Waltz, and as of June 1 was... referred to the Subcommittee on the Constitution.

Following yesterday's 60 Minutes grotesque special which finally exposed to the general public what most experts in the industry have known for many years, namely that the bulk of "profits" for Congressmen (at a fixed $174,000 salary for the current year) and Senators are made courtesy of perfectly legal insider trading, it is time to ask the logical next question: how is it possible that the US system of checks and balances has failed so spectacularly, as to allow a glaringly illegal activity for everyone else to proceed and to generate multi-million dollar windfalls for congressional and senatorial critters?

After careful thought, my solution to this issue would include the use of tar, feathers, torches, pitchforks, and a fence rail with lots of splinters.

Anyone disagree?