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Congress: Trading stock on inside information?

November 13, 2011 4:02 PM

Steve Kroft reports that members of Congress can legally trade stock based on non-public information from Capitol Hill.

Congress: Trading stock on inside information?

60 Minutes OverTimeConfronting Pelosi on insider trading

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by RichBOhio April 16, 2013 7:02 AM EDT
Too bad this reporter did not interview Mr. Obama with this kind of gusto during his many fawning conversations that helped package Mr. Obama for re-election. Congressional reps abusing their power and breaching the public trust is really not much different from a "reporter" who choses to become an advocate for a politician or party.
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by usabaygreecom December 9, 2012 1:35 AM EST
If Nancy was an American she would give her insider credit card stock money back, this is a forgiving country look Obama lied and did not keep one promise and the people with no IQ voted for him again they forgive each other for being dumb and it is okay if you wake up and say I want to be an Communist socialist and vote for him again, but I really think he is a puppet president and the lady on the third floor of the White House calls the shots wares the pants controls his drones she hates OPRAH!MOTHERINLAW!
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by rbase June 4, 2012 4:44 PM EDT
That's why we all know that sooner or later Rome will fall again off of greedy capitalist who are only concerned about themselves family and their friends. And I see why Capitalism is better than Socialism!!! HaHaHa!!!

The U.S Government is One Big Joke for rich white collar legislators!!!
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by tirsbak March 9, 2012 8:19 PM EST
60 Minutes, PLEASE stay on top of this issue! Keep the pressure on, so this legislation doesn't die.
The arrogance of Washington is not to be believed.
Nancy Pelosi and the rest of them should all be ashamed.
America, please vote them out!
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by superguypete February 9, 2012 1:06 PM EST
A must read - The public was mislead
Would it not have been smarter for Senator Durbin, to have Not let government verses free markets decide the outcome of the Durbin Amendment? The original precedence was based on helping the people with debit fee discounts. Senator Durbin, I feel padded his pockets and others by indicating he was "being too hard on the banks" stocks shot up (Visa, MasterCard) Dick Durbin mitigated an original price that was far away from the first mark that was predicated. I sold because of this "predication". This dramatically altered my portfolio by 52K negative. This has hurt me and many others and as a result money was removed from the economy. Why did he manipulate the market? Why? Price should have never been indicated for this amendment. The transaction fee was 48 cents, and was predicated upon by Senator Durbin to go down to 4 cents. Senator Durbin says, "Well, perhaps, I was being a little too hard on the banking system" he then settles right smack at 24 cents. MARKET MANIPULATION... WHY? Because at the time he could. Why didn't he go on the 4 cent precedence and have the company(s) come back and ask for more as time goes on. Everyone would have benefited because of the

1. Residual return of stockholders to the company(s) (over time)
2. The company(s) helping the consumer with a lesser fee (immediate)
3. Shareholders return on the company ramps up by asking for more on the amendment thus improving profit margins (over time)

Instead Durbin wins and a lot of people lose. I know about risk and reward but, what the Senator did with that Amendment was in my opinion "robbery legalized" if there is such a conjecture to be used with a double entendre. I got robbed and I can prove my loss versus he won and probably won't show his gain.
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by cestes92 February 7, 2012 5:54 PM EST
is there anything that can be done to change this?
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by zeniabrown February 2, 2012 8:03 PM EST
They file trades using paper forms, not searchable like the electronic filings everybody else does. And they only file once per year!
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by zeniabrown February 2, 2012 8:01 PM EST
Senator Kerry, too, traded healthcare stocks while on the healthcare committee
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by larv21 January 17, 2012 11:54 PM EST
Search:H.R.2913 2011,H.R.2397 2011,H.R.2652 2011,to cut congress pensions,vote scheduled for January.CALL or e-mail your congress to support these bills. https://www.popvox.com/home
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by jimfigola January 9, 2012 6:45 PM EST
Will we be seeing an update on this any time soon. Rumor has it the bill has been introduced and is now stuck in Congress with a long drawn out trip to subcommittee expected as a 'kill' mechanism?
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