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View Full Version : Obama Signs Ban On Insider Trading By Congress


MasterOfPuppets
04-04-2012, 05:59 PM
i thought insider trading was already against the law...:noidea:
isn't that what martha went to jail for ?
so all this time its been legal for politicians to cheat the system but not the common folk ? :doh:
thje stock exchange has been around since about 1792 and they're just now making this a law ?
not that this will do any good , because the DC criminals don't exactly flaunt their shady dealings, plus they'll never be investigated. but how sad is it that "special" laws have to be passed to police the people that make the laws ?
2 MORE LAWS ARE NEEDED...
TERM LIMITS
END CORPORATE "CAMPAIGN CONTRIBUTIONS"
PLUS put an end to The Commodity Futures Modernization Act of 2000

Surrounded by a group of bipartisan lawmakers, President Obama today signed the Stop Trading on Congressional Knowledge Act, banning insider trading on Capitol Hill.
"The idea that everybody plays by the same rules is one of our most cherished American values," the president said at the White House signing ceremony. "It's the notion that the powerful shouldn't get to create one set of rules for themselves and another set of rules for everybody else… If we expect that to apply to our biggest corporations and to our most successful citizens, it certainly should apply to our elected officials."
Any lawmaker who attempts to gain an unfair advantage in the market through the use of nonpublic information will now be breaking the law as a result of the STOCK Act, Obama said.
While the president lauded the legislation, he said "our work isn't done."
"There's obviously more that we can do to close the deficit of trust and limit the corrosive influence of money in politics. We should limit any elected official from owning stocks in industries that they have the power to impact. We should make sure people who bundle campaign contributions for Congress can't lobby Congress, and vice versa," he said.
Obama thanked the members of Congress who worked together to make the law a reality, saying "it shows that when an idea is right that we can still accomplish something on behalf of the American people and to make our government and our country stronger."

steelax04
04-04-2012, 07:34 PM
This looks like it was different from insider trading... this was trading based on congressional knowledge, probably of things like policies and bills going through to affect certain industries, for example.

I still get what you're saying, though. Sad it took this long to pass something like this.

SteelersinCA
04-04-2012, 08:55 PM
We are dumber for having elected these people, we are awarded no points and may God have mercy on our souls.

tony hipchest
04-05-2012, 12:28 AM
obama is the devil. how dare him try to stamp out good ol fashunned capitolism.

Wallace108
04-09-2012, 09:19 PM
Obama thanked the members of Congress who worked together to make the law a reality, saying "it shows that when an idea is right that we can still accomplish something on behalf of the American people and to make our government and our country stronger."
So if they can accomplish something when an idea is right, does that mean that all the other ideas from the Obama administration have been wrong? :scratchchin:

ricardisimo
04-10-2012, 05:02 AM
The law does seem redundant, which smells of demagoguery. Still, every little bit helps, and the mere thought of putting DC bigwigs in prison gives me a woody.

MoP, add to your list (or amend it, depending): end ALL campaign contributions. Publicly financed elections only. Any campaign contribution, whether it is $1 or $100,000, is just a bribe with a funny name.

MasterOfPuppets
04-10-2012, 10:46 AM
The law does seem redundant, which smells of demagoguery. Still, every little bit helps, and the mere thought of putting DC bigwigs in prison gives me a woody.

MoP, add to your list (or amend it, depending): end ALL campaign contributions. Publicly financed elections only. Any campaign contribution, whether it is $1 or $100,000, is just a bribe with a funny name.
agreed , there should be an election fund put into the budget . each should receive an equal pre determined amount to run their campaign on. an IRS agent should be assigned to each candidate to write the expense checks and collect the receipts. this would teach the scumbags how to operate within a budget ...:thumbsup:
each candidate would be required to pay a registration fee .

MACH1
04-10-2012, 10:56 AM
It's to bad the irs agent's going to be to busy running your healthcare to take care of petty stuff like this. :rolleyes:

MasterOfPuppets
04-10-2012, 11:16 AM
we also need to break this dem vs repub strangle hold on this country. how in the hell did it end up that we only get 2 options at the poll ? i remember they used to say "anyone could be president " , remember all the old movies where the adult used it as a pep talk to a youngster ?...:shout: BULL SHIT