Monday, July 7, 2014

The SEC, Securities and Exchange Commission , Has to Know Which US Senators and Representatives Use Their Exemption for Insider Trading

The SEC, Securities and Exchange Commission , Has to Know Which US Senators and Representatives Use Their Exemption for Insider Trading Lex Contributor Network . Thomas Jefferson is quoted as saying that tyranny is government officials having the powers to do what for the rest of us is illegal... Nancy Pelosi denies this saying that anyone that does not agree with her financial stock positions is part of the problem. President Obama says that those of us who dare disagree with his friend's former New Jersey Governor Jon Corzine's business practices at MF Global might not be a patriot. 60 minutes exposes the insider trading of congress on national television and suddenly there is a slight chance congress may vote to remove that one exemption that is applied to them but it does not sound that they will remove the exemption they have that will force them to apply for Obama care instead of their own special congressional health plan the rest of the American Citizens are not invited to join. Congress seems to be having a bit of trouble differentiating between exercise of powers of their office and unethical behavior to a degree it becomes tyrannical which is the sad thing about human nature in practice. Just because congress exempts itself from stock market insider trading requirements does not mean the public does not have the right to know which Senators and Representatives are who are using that loophole to make gobs of money. It is time for people to start hitting the SEC with freedom of information requests to find out which Senators and Representatives are abusing the system for financial gain. I wonder if these are the same people fussing about social justice and fairness all the time? The way insider trading monitoring works is that the SEC monitors the exchange and market data to see if there are patterns of trading before corporate announcements. They apparently don't do the same monitoring before and after congress votes or leaks information. It really is time that the SEC start working for the people and start reporting all the data. If private individuals go to jail these days for 20 and 30 years as white collar criminal offenders of SEC policed insider trader laws our people in Washington DC and at the State level of government also need to be at least reported on. Just a snippet of information was recently released by the SEC on this subject but the citizens and voters immediately need to know who is trading ahead of congressional activities as we now know it is happening. You can google on report on CNBC on that subject among others. Citizens are free to file freedom of information act request on this subject to the SEC and other regulatory agencies and maybe also send them to individuals holding office too? The people should know all the details if it is happening. It really has been a mystery how so many congressmen and senators went from rags to riches after winning election.. One could theoretically make billions of dollars in a few days cornering markets by knowing what congress is likely to do in advance. It should be explicitly illegal but the public will not stand up against it until they know how abusive it has become. One recent report says congressmen see this as an important perk in their holding office. Well it is one perk that is abusive if insider trading is a crime for the rest of society. I am thinking that we need to publish an index of every senator and representative and how much advance trading they are doing and then also track it down the line of their political staff and anyone that maybe associated like the tendency of Goldman Sachs to have feet both in political offices and at the exchanges. The recent blow up of MF Global with the ex governor of New Jersey involved with missing investor money is really a point of anger about issues like occupy wall street. The occupy wall street people seem to be protesting the wrong thing. It is not capitalism out of control but it is our politicians. The SEC has to know in their every day monitoring so until they publish the complete record with tabulations for each representative and congressmen and maybe even supreme court justices and people in the whitehouse the American people will not know the depth of the problem. . Close

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