The Government and its greed..!Posted: February 4, 2012 | |
The federal government has finally got the message that it’s time for stronger oversight of Wall Street and the financial services sector. It’s also time to put an end to secret spending and insider trading.
A dangerous legal loophole still exists which allows members of Congress and high-powered executive branch appointees to exploit ‘insider’ knowledge of the financial industry in order to turn personal profit.
I think the first duty of society is justice…Alexander Hamilton: Predicated upon what Alexander Hamilton states here, it is therefore suggested that the way that Congress has treated this moral law – by no means makes this nation and the society representing it just or even fair.
Under current law, those who have access to the privileged “non-public information” gathered through official oversight proceedings may be using that information for personal benefit in securities and commodities trading. Equally as abhorrent, lobbyists and traders who haunt the halls of Congress seeking insider tips from staff – known as “political intelligence consultants” – may also enrich themselves and their clients off of this confidential information.
The voice of the people has been said to be the voice of God; and, however generally this maxim has been quoted and believed, it is not true to fact. The people are turbulent and changing; they seldom judge or determine right…Alexander Hamilton
This type of “insider trading” would be illegal for you and me – so why should it be legal for government officials?
Think about Madoff and his actions of the 1980s through the late 2000s with the combined social injustice of what…50 or so billion dollars? We do not have any problem with calling whoever from the Senate or the House or the executive branch and the judiciary who participated in insider-trading being in the same boat with Bernard Madoff.
Although one would not know that Mr. Hamilton is spot-on in his assessment of people if all we had to look at was members of congress. We believe therefore that every staff member, intern, aide, or elected official who has used the matter of insider-trading should be held accountable.
And by being held accountable we assert that each of the aforementioned people should be required by law, albeit, “the rule of law” or the law of the land, or the laws of ethics, equality, and the person should be required to report any and all transactions used by these unethical matters.
Congress should be watch dogging Wall Street – not gold digging for insider profits. This loophole must be closed. Urge Congress to pass the “Stop Trading on Congressional Knowledge Act”!
Introduced by Reps. Brian Baird (D-Wash.), Louise McIntosh Slaughter (D-NY) and Tim Walz (D-Minn.), the “Stop Trading on Congressional Knowledge Act” (H.R. 682) would ensure that the same insider trading restrictions we face apply to Congress members and staff as well as the federal government.
H.R. 682 prohibits officials from using non-public information for personal gain. The time to pass this vital legislation is NOW. Ask your representative to support H.R. 682 now!
Have you ever wondered why a person would stay in a job they profess to hate for any number of years? Have you ever wondered how someone who doesn’t have hoards of money when elected mysteriously leaves their position being a mega-millionaire?