Making money in Congress

[jetset]

Did anyone see the "Sixty Minutes" program last Sunday?

It featured an interesting look at how politicians in the US Congress can make significant amounts of money on stock deals based on "non-public information" available to them as members of various committees, and names both Democrats and Republicans who have scored because of the manner in which conflict of interest rules for politicians have been framed.

Among those named as making money in such deals is online gambling's arch enemy, Alabama Rep. Spencer Bachus, who is now apparently under some pressure following the Sixty Minutes expose.

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I've watched some clips from the program and the politicians approached seemed evasive to say the least.

I was impressed with now retired Representative Brian Baird, who detailed attempts he made to pass HR1148, a measure which would make stock trades by politicians made on "non-public" information illegal. He was unable to get it through, and it remains buried in Congress. One of the positives to already come out of the program is an undertaking by other politicians to resurrect Baird's bill.

 

[Casinomeister]

What a great read. And unfortunately, there's not much that can be done about it. I mean if a congressman is not allowed to trade on non-public info, there's no reason that he wouldn't tell his cousin to invest here or there.

And Bacchus...something makes me think he believes the world is only six thousand years old.

 

[jetset]

He's certainly well positioned to obtain all sorts of "non-public" information too, having taken over the chair of the House Financial Services Committee...

 

[Mousey]

I missed the 60 Minutes, but I have been reading about it. Funny though.... no one of us is surprised? LOL

And Bachus.... the man is an embarrassment to my state and I cannot even tell you the horror I felt when he was made chairman of the FSC....

online gambling is ee-ville, but insider stock trading (I don't care what they call it, that's what it is, IMO) is just one of the perks of being in congress.... grrrrrr.....

 

[rockycatt]

and i suppose that dragging there feet on issues now makes sence to those interested in the mechanics of stock cheating

also i believe its law or close to it that when a president goes into office his wall street type activities are to go into a blind trust

 

[rockycatt]

here is a perfect example how money gets processed they got goooooood processers

URBANDALE, Iowa — Republican presidential candidate Newt Gingrich has acknowledged receiving personal compensation from Freddie Mac, the federally backed housing agency, but says he doesn't know exactly how much he was paid.

The former House speaker left open the possibility that his consulting firm received between $1.6 million and $1.8 million. Gingrich says he received a portion of that for providing "strategic advice for a long period of time" after he left Congress.

That amount is significantly higher than the $300,000 figure Gingrich was questioned about last week.

Gingrich spoke with reporters in Iowa on Wednesday. He defended Freddie Mac's role and said every American should be interested in expanding housing opportunities. The federally backed mortgage lender has become a focal point of anti-government sentiment because of the housing crisis.

 

[jetset]

Makes you wonder whether some politicians are currently making investments based on the possible US legalisation of online poker

 

[rockycatt]

with all the humane things to conquer this douchebag takes 1.8 mill and gets amnesia about it . i can see why when theres a armed revolution
the firing squads get cracking

 

[P.V.]

Makes you wonder whether some politicians are currently making investments based on the possible US legalisation of online poker

We should be watching.