Comments on: Congress: Trading stock on inside information?
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- I am rarely surprise, but I was surprised that so many did not know about this happening. When I was a young financial executive rarely did a meeting with a government official or their aids go without someone asking to be put on the friends list for an offering or to be 'Kept informed' about the company to 'Help' anyway they could. The code words were clear, 'Play Ball or else.' I was too low at the time to 'Play Ball', but I still heard the words loud and clear.
Steve Kroft or one of the producers, if you read theses comments, today on Morning Joe Steve commented on Martha Stewart and intimated that she went to jail for insider trading. Actually she was not convicted of insider trading she was convicted of lying to the government. I do agree with you, I have empathy for her, too - Reply to this comment
- This isn't the first time congress members have used legislation to improve their stock portfolios http://*******.com/85zvsv7
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- this is good news telling. way to go 60 minutes. best story ive heard since the story about the $1.00 president coin. not sure if the present clowns in the capital did anything about that god awful tax wasting mess though. 60 minutes need more news reporting and follow up on the stories like this. I can not stand cnn,espn,or fox they are only a sorce of finger pointing and spreading the fear factor for the parties at hand.
Goes to show history dos'nt change there not for the people by the people of the people, there border line anti-american.
The only thing they care about is themselves, personal gain personal profits with no accountability. Liars and Thieves. Now I know why my stomach turns every election time. Listening to them talk about American familys,ethics,and values. Don Boehner, Don Pelosie, Don Reed, Don McCain and the rest of the do nothing politicians. - Reply to this comment
- This is the most HONEST thing I have seen in the news in years! So please 60 Minutes keep on being honest and not like the other news shows that say what they want you to hear and not the truth! Such as MSNBC CNN FOX need I go on.....................
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- Maybe if the worked for the banks or they enacted legislation to destroy the stock price this could be considered insider trading. If you owned BOA and knew it would tank, would you not sell the crap? Why should we expect the people with this knowledge to hold their positions and lose their money?
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- Great job on this story, 60 Minutes. But I don't recall your coverage on any other big and recent scandalous issues such as ATF's Fast and Furious sales of guns to drug cartels, the White House backing of junk loans to the bankrupt Solyndra and other related companies (including all the White House donor and financial ties to it), or about all the 10s of billions of dollars that was unaccounted for, given to foreign banks, or was wasted in the Stimulus Plan. It looks like you have your work cut out for you on these, and I look forward to seeing your reports on them in the future.
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- And just think folks our vote put them is office. Now let's get them out of the house and in jail.
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- 60 minutes - Yellow Journalism at its finest. Please don't let those "Investigative reporters" manipulate you. Of course Congressional insider trading is illegal.
Abstract:
This article refutes what has become the conventional wisdom that insider trading by members of Congress and legislative staffers is "totally legal" because such congressional officials are immune from federal insider trading law. It argues that this well-worn claim is rooted in twin misconceptions based on: (1) a lack of regard for the broad and sweeping duties of entrustment which attach to public office and (2) an unduly restrictive view of Supreme Court precedents, which have interpreted Rule 10b-5 of the Securities Exchange Act to impose liability whenever a person trades securities on the basis of material nonpublic information in violation of a fiduciary-like duty owed either to the issuer's shareholders or to the source of the information. It also argues that nonpublic congressional information constitutes property which, like congressional funds and tangible property, rightfully belongs to the federal government and its citizens.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1750308 - Reply to this comment
- WAKE UP POSTERS. OF COURSE CONGRESSIONAL INSIDER TRADING IS ILLEGAL.
Come on folks, think - how could it not be? Maybe CBS news is trying to milk a story for sensational reactions?? Wow - wouldn't that be a first.
Read before posting next time guys, OK?
The whole thing is hogwash according to Indiana Law Professor Donna Nagy.
In this paper titled Insider Trading, Congressional Officials, and Duties of Entrustment, Nagy argues that it doesn't really make sense to say Congress is exempt from insider trading laws, since the illegality of insider trading is mostly established by the courts, and through the relatively vague SEC rule 10b5-1.
Read more: http://www.businessinsider.com/congressional-insider-trading-is-already-illegal-2011-11#ixzz1dqpHvHKf - Reply to this comment
- Excellent Steve Kroft and 60 Minutes. Now go out and really make some noise and change. Former House Speaker Nancy Pelosi and her husband have participated in at least eight IPOs.
If Nancy and every other member of Congress are exempt from the laws that they use to govern the masses. How about going after her husband! And all the other spouses, it has to be a crime for non-members of congress to benefit from these illegal acts. Maybe Martha Steward will fund the lawyers. - Reply to this comment
