Insider Trading: Wiretaps for You, Profits for Congress
by Wynton HallCNBC Senior Editor John Carney asks: “Why is the government treating insider traders like mobsters?”
As Mr. Carney explains, the Federal Bureau of Investigation and the Securities and Exchange Commission now use wiretapping to conduct insider trading probes, a move Mr. Carney believes is “out of proportion” to the crime. Furthermore, Mr. Carney points out that “Congress has signaled out a few categories of criminal activity that can be pursued by wiretaps—and insider trading isn’t one of them.”
Mr. Carney’s observations came in response to a Bloomberg News report by Patricia Hurtado that the FBI engaged in a five-year “historic, sprawling, nationwide insider-trading initiative” that “is the biggest insider trading investigation since the days of Ivan Boesky and Michael Milken, and the largest ever in the world of hedge funds.”
The bigger point, of course, is the hypocrisy and double-standard inherent in the system.
On the one hand, members of Congress have been free to engage in insider trading for the past five years (and beyond) and the SEC has never brought an insider trading case against a sitting member of Congress, despite the rampant abuses and conflicts of interest brought to light by 60 Minutes and Breitbart editor Peter Schweizer.
But, on the other hand, the federal government spent five years and untold resources deploying the most invasive of crime-fighting tools–generally reserved for racketeering and terrorism cases–to investigate businesspeople thought to be engaged in insider trading.
Hypocrisy much?
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22 Comments
Do as I say not as I do.
Yeah we have a big EFFING mess on our hands.
Time is getting close to go into DC and clean that MESS up
The Federal Pay Gap
http://vimeo.com/15005181
"The time is near at hand which must determine whether Americans are to be free men or slaves."
George Washington
Typically, the federal government is the problem, not the solution.
Perhaps if Congress only meet on its Constitutionally required day, the 3rd day of January, things would be…Uhmm…Less F'd up?
Wishful thinking, I know…
To me, the Washington insider trading corruption is a simple explanation.
Congress critters enter Washington as borderline poor people. However, after all of the lobbyist connections made and paid, they exit Washington as multimillionaires.
there you go,,,,,,,,,,,,, pointing out the obvious
Damn logical thinking…!
well dont do that, just keep believing everything you read!
I try, but it makes my eyes bleed and gives me terrible nite tremors…
And not to mention the spazmatic diarrhea that is sure to follow!
Do as I say, not as I do
Actually, if you visit Beijing you can wiretap the U.S Congress
I'm starting to believe that ALL of Congress is as corrupt as the day is long. And the SEC is a joke: The rule of law has ceased to exist in the financial sector, and possibly at the DOJ.
LOL, wonder how many congress-peeps they inadvertently caught while wiretapping trying to catch biz people?
Oopsie!!!
.
Good grief…
Today our debt-to-GDP ratio passed 100%. On the Winter Solstice. One year before the world's supposed to end.
U.S. Debt Clock
Good times ahead.
As far as wiretapping goes, the ease with which insider trading may be concealed and its impacts on the economy in general may well "warrant" use of a wiretap….upon probable cause. (See the 4th Amendment)
However, the known facts regarding Congressional insider trading demands immediate issuance of indictments and prosecution without claim of legislative immunity. Personal profit by trading on insider information is a crime without benefit of the cloak of office.
Hang 'em high.
Another reason we need strict term limits
Stern laws on contributions and limits on lobbyists
and hard times for people who break the laws
Just because you get elected does mean you have a job for life – and make all around you rich in the process
"All animals are equal, but some animals are more equal than others."
Wasnt Pelozi gonna drain that swamp or something?
The reason the SEC and FBI will not go after congressional members is the threat of reduced operational budgets. My feeling is that, until congressional members are treated as any other citizen, insider trading within govt will continue. Just another fine example that some elitists are more equal than others even though we are all alleged to be equal under the law.
Congress should show some stand at least to mention they exist… IAPS
Agreed, WE THE PEOPLE have the power to redress grievances against the feds and MAKE them obey. It's PAST TIME my friends. Too much complacency and look what it has gotten us….
"Wiretaps for You, Profits for Congress"
If there was any justice in the world, it would be the other way around.
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