Thursday, November 17, 2011

Insider Trading in Congress



Freddy already posted a link to this but I also just saw it on MSN news. Turns out there's a new book about insider trading in US Politics called Throw Them All Out by Peter Schweizer.

This past Sunday night, Steve Croft of “60 Minutes” exposed how U.S. Congressional critters cheat, lie and benefit from insider trading on defense contracts. He cornered former Speaker of the House Nancy Pelosi with her investments gained from her inside knowledge of multi-billion dollar contracts.

Pelosi boasts multi-millionaire status along with over 200 other members of Congress. She responded that everything she had done as to investments was legal. In reality, she cheated before a law could be passed to stop the cheating.

Consequently, A long-ignored proposal to ban insider trading by members of Congress gained new traction this week following news stories that reinforced the public's low opinion of Congress.

Creating a direct conflict with House Minority Leader Nancy Pelosi, fellow Democrat Sen. Debbie Stabenow has proposed legislation that would ban members of Congress from using privileged information obtained on Capitol Hill for insider trading on Wall Street.

It reminds me of that movie Distinguished Gentlemen with Eddy Murphy. Trailrunner would like the Duck Hunt scene. He plays a can man gone politician and admits that he did way more sh*t in office than he ever did on the street only the cons he pulled in office were legal. Somehow I think this applies to the Occupy Wall Street protest and continues to give that cause merit.

Newt Gingrich reportedly received $1.8 million in consulting fees from Freddie Mac before it was bailed out by taxpayers.

4 comments:

  1. Victoria Times-Colonist

    The president of the B.C. Anesthesiologists’ Society has resigned, claiming the health-care system is corrupt.

    Dr. James Helliwell, president of the society, quit Tuesday because of what he said, in a statement, is “corruption in the health care system.

    “I am a firm believer in quality care and honest relationships,” said Helliwell, in his resignation letter. “I cannot believe the complacent acceptance of poor patient safety and severely rationed access to care which is endemic in B.C.’s health system.”

    Currently there are six anesthesiologists vacancies advertised through HealthMatch B.C. while health authorities have an additional nine anesthesiologist vacancies posted, according to the health ministry.

    http://tinyurl.com/724lfhu

    He doesn't say what the specific *corruption* is.

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  2. Yeah, I heard there was a bit of a scam at the Emergency Wards. Doctors who are in don’t like to let other doctors get in. The longer the line ups the more patients a doctor can turn over and the more money he can make.

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  3. The attendant rise of the walk-in clinics...


    Basing health-care treatment on pay-for-visits is truly the worst case scenario.

    I can remember dimly a different past; incredible; home visits, & a Doctor who actually knew his patients, this way it all works against that...

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  4. "Newt Gingrich reportedly received $1.8 million in consulting fees from Freddie Mac before it was bailed out by taxpayers."

    Apparently Newt couldn't remember whether/why he got this when first asked - I guess it seemed so insignificant compared to the 37 MILLION he accepted over a seven or eight year period for "advising" companies about how to influence Congress!

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