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Congress Members Took Part in Insider Trading: Abramoff
cnbc.com ^ | Friday, 11 Nov 2011 | 10:16 AM ET | Eamon Javers

Posted on 11/11/2011 9:45:39 AM PST by Dubya-M-DeesWent2SyriaStupid!

As many as a dozen members of Congress and their aides took part in insider trading based on foreknowledge of market moving information on Capitol Hill, disgraced Washington lobbyist Jack Abramoff told CNBC in an interview.

Abramoff, who was once one of the wealthiest and most powerful lobbyists in Washington before a corruption scandal sent him to federal prison for more than three years, said that many of those members of Congress bragged to him about their stock trading prowess while dining at the exclusive restaurant he owned on Pennsylvania Avenue.

(Excerpt) Read more at cnbc.com ...


TOPICS: Crime/Corruption; Front Page News; Government; US: District of Columbia
KEYWORDS: abramoff; congress; corrupt; crime; insidertrading; lobbiest
SHOCKING VIDEO: Brother, Can You Spare a Trillion?

Operation: Common Sense

SHOCK VIDEO: The Video Congress Does NOT Want You To See!

1 posted on 11/11/2011 9:45:42 AM PST by Dubya-M-DeesWent2SyriaStupid!
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To: Dubya-M-DeesWent2SyriaStupid!

Well is he going to name names?

The media will use this to distract from the real corruption in Washington.

The MSM gets breathless about nothing-burgers like Abramoff and Valerie Plame, but looks the other way about Solyndra and Fast/Furious.


2 posted on 11/11/2011 9:48:11 AM PST by Retired Greyhound (.)
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To: Dubya-M-DeesWent2SyriaStupid!

hhmm....didn’t harry reid have close ties to abramhoff despite claiming it was all GOP corruption??


3 posted on 11/11/2011 9:48:33 AM PST by God luvs America (63.5million pay no federal income tax then vote demoKrat)
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To: Dubya-M-DeesWent2SyriaStupid!

Seems obvious just based on their rate of return.


4 posted on 11/11/2011 9:50:18 AM PST by greatvikingone
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To: Dubya-M-DeesWent2SyriaStupid!
Abramoff declined to name the members of Congress.

We are all so screwed.
5 posted on 11/11/2011 9:50:24 AM PST by mmichaels1970
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To: Dubya-M-DeesWent2SyriaStupid!

“Generally, however, legal analysts say that Wall Street insider trading laws do not apply to Congress. As an open and public institution, the legal assumption has long been that any member of the public can have access to information about how Congress works. In practice, though, that’s simply not true, as powerful members of Congress come into contact daily with market-moving tidbits. That gap between the law and the reality has made Capitol Hill a virtual free-fire zone for insider trading. Over the years, academic studies have found that members of the House of Representatives beat the market by as much as six percent per year and members of the Senate do even better than that.”

Just wow.


6 posted on 11/11/2011 9:50:54 AM PST by ModelBreaker
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To: Dubya-M-DeesWent2SyriaStupid!

Note that staffers are getting rich too on insider trading. Congress critters may be exempt. But how ‘bout going after staffers?


7 posted on 11/11/2011 9:52:10 AM PST by ModelBreaker
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To: Dubya-M-DeesWent2SyriaStupid!

I believe that Congress has the only exception to insider trading, which allows them to do it free from worry.

In other words , it’s legal for Congress to use insider trading.


8 posted on 11/11/2011 9:52:43 AM PST by Venturer
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To: All

Abramoff... Madoff

Seriously...were they born to rip off?


9 posted on 11/11/2011 9:53:32 AM PST by Dubya-M-DeesWent2SyriaStupid!
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To: greatvikingone

Good odds the names are on this list...

http://governmentgonewild.org/thelist

All of the RINO’s and democrats on this list need impeached.

Obama especially...


10 posted on 11/11/2011 9:57:01 AM PST by Dubya-M-DeesWent2SyriaStupid!
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To: greatvikingone

No kidding. Nancy Pelosi’s net worth has increased by some 2600% since she went to congress.


11 posted on 11/11/2011 9:57:26 AM PST by cripplecreek (A vote for Amnesty is a vote for a permanent Democrat majority. ..Choose well.)
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To: Retired Greyhound

if he wants to stay alive,

abramhoff will not name names.


12 posted on 11/11/2011 9:59:42 AM PST by ken21
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To: Dubya-M-DeesWent2SyriaStupid!
 
 Congress Members Took Part in Insider Trading:
 
Now way - That'd be Hugh and Series!
 
 
" Uhhhh, that's not ours either! "
---Weiner, Obama, Perry, Pelosi, Frank, Pritzker and Associates, LLLP.

13 posted on 11/11/2011 10:04:34 AM PST by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: Dubya-M-DeesWent2SyriaStupid!

How much longer, Lord? How much longer?


14 posted on 11/11/2011 10:05:14 AM PST by crosshairs (Liberalism is to truth, what east is to west.)
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To: Dubya-M-DeesWent2SyriaStupid!
I think Gomer Pyle said it best......
15 posted on 11/11/2011 10:28:46 AM PST by 4yearlurker (I've been dipping into my jar full of Hope & Change just to buy gas!!)
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To: Dubya-M-DeesWent2SyriaStupid!

Odd that both parties growth average is $75m.


16 posted on 11/11/2011 10:33:46 AM PST by IrishPennant (We don't want to work so we go to work to make enough money not to work...Huh?)
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To: Dubya-M-DeesWent2SyriaStupid!; All

This scandal goes back decades, how in the heck do you think most of them got so rich so fast, both parties. Hang them all I say!


17 posted on 11/11/2011 10:34:23 AM PST by TMSuchman (John 15;13 & Exodus 21:22-25)
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To: ken21
if he wants to stay alive, abramhoff will not name names.

If he is selective and only names Pubs, he will be fine

18 posted on 11/11/2011 10:46:24 AM PST by Mygirlsmom ("Get ready for an aberration of historic proportions" ...H Cain.."to correct the last one" MGM)
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To: Dubya-M-DeesWent2SyriaStupid!

Duh?


19 posted on 11/11/2011 10:55:21 AM PST by EBH (God Humbles Nations, Leaders, and Peoples before He uses them for His Purpose)
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To: Dubya-M-DeesWent2SyriaStupid!

Why are there over 60% of lawyers in Congress? EASY MONEY? Greed? Naaah, they are there to help the people who put them there. Riiiiight. Term limits for Congressman, and share the wealth.


20 posted on 11/11/2011 11:07:07 AM PST by Bringbackthedraft (Its not who we elect, its those who they appoint that mater most!.)
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To: Dubya-M-DeesWent2SyriaStupid!
Abramoff declined to name the members of Congress.

No names? This claim means nothing.

21 posted on 11/11/2011 12:37:15 PM PST by newzjunkey (Republicans will find a way to reelect Obama.)
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To: Venturer; All

If true, then this would be a great issue for a GOP presidential candidate. Not going to happen I’m afraid.


22 posted on 11/11/2011 1:54:18 PM PST by gleeaikin
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To: gleeaikin

Oh: It’s true allright.

http://www.consumerwarningnetwork.com/2010/06/02/insider-trading-hypocrisy-thy-name-is-congress/

Thieving SOB’s. Why do you think they spend all that money to get elected?


23 posted on 11/11/2011 2:20:10 PM PST by Venturer
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To: ModelBreaker

BEst point of the thread.Staffers are in on it as well.


24 posted on 11/11/2011 5:01:50 PM PST by Dubya-M-DeesWent2SyriaStupid!
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To: Dubya-M-DeesWent2SyriaStupid!

great link!

the real telltale is the gains almost all made between 2008 and 2009, how many other investors can claim that?

The should all quit congress and set up hedge funds...


25 posted on 11/11/2011 5:18:27 PM PST by Reverend Wright (you voted for Obama to prove you're not racist, now vote against him to prove you're not stupid...)
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To: 444Flyer; blam; MestaMachine; Nachum

ping


26 posted on 11/11/2011 5:30:23 PM PST by Dubya-M-DeesWent2SyriaStupid!
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Freepers!

Things to do today;

Thank a Veteran!

Donate to Free Republic.

Click here or mail checks to:

Free Republic, LLC - PO Box 9771 - Fresno, CA 93794



27 posted on 11/11/2011 7:55:34 PM PST by RedMDer (Forward With Confidence!)
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To: Dubya-M-DeesWent2SyriaStupid!; All
Mark Twain had Congress pegged over a century ago and nothing has changed...

America is a nation without a distinct criminal class...with the possible exception of Congress."

28 posted on 11/11/2011 8:35:12 PM PST by QT3.14 (Life is not a dress rehearsal - It is Showtime!!)
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To: ModelBreaker

“Generally, however, legal analysts say that Wall Street insider trading laws do not apply to Congress.


ALL LAWS DO NOT APPLY TO CONGRESS.......PERIOD!


29 posted on 11/12/2011 4:20:59 AM PST by DH (Once the tainted finger of government touches anything the rot begins)
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To: QT3.14

It makes no sense that they are allowed insider trading;when all others go to prison.

How long,what bill,act or law was passed to allow this?


30 posted on 11/12/2011 6:20:55 AM PST by Dubya-M-DeesWent2SyriaStupid!
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To: Dubya-M-DeesWent2SyriaStupid!

I didn’t see any RINO Republicans on the list.

Am I missing something?


31 posted on 11/12/2011 6:31:39 AM PST by airborne (Paratroopers! Good to the last drop!)
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To: airborne

Scroll down


32 posted on 11/12/2011 6:43:13 AM PST by Dubya-M-DeesWent2SyriaStupid!
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To: Dubya-M-DeesWent2SyriaStupid!

Duh! Sorry...


33 posted on 11/12/2011 7:13:57 AM PST by airborne (Paratroopers! Good to the last drop!)
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To: airborne

“The List” of the Elite 80 : Skyrocketing Net Worth

.
Avg ‘04 Avg ‘08 Growth ‘04-’08 % Chg 2009 Net Worth

.

.
41 Democrats

.
Gutierrez, Luis V (D-Ill) $47,503 $1,790,508 $1,743,005 3,669 $2,358,005

.
Scott, David (D-Ga) $107,262 $3,008,001 $2,900,739 2,704 $3,758,001

.
Sanchez, Loretta (D-Calif) $196,505 $2,547,501 $2,350,996 1,196 $2,474,001

.
Sanchez, Linda (D-Calif) -$32,500 $342,500 $375,000 1,154 $751,010

.
Herseth Sandlin, Stephanie (D-SD) -$112,000 $1,152,510 $1,264,510 1,129 $1,332,853

.
Obama, Barack $300,002 $3,670,505 $3,370,503 1,124 $4,960,505

.
Feingold, Russ (D-Wis) $8,000 $83,501 $75,501 944 $83,001

.
Hinchey, Maurice (D-NY) $74,002 $727,509 $653,507 883 $743,508

.
Eshoo, Anna (D-Calif) -$385,996 $1,508,003 $1,893,999 491 $1,683,503

.
McGovern, James P (D-Mass) $474,002 $2,673,503 $2,199,501 464 $2,330,503

.
Cummings, Elijah E (D-Md) $175,000 $887,506 $712,506 407 $887,506

.
Harkin, Tom (D-Iowa) $2,647,019 $13,373,057 $10,726,038 405 $16,764,563

.
Conyers, John Jr (D-Mich) $1,501 $7,500 $5,999 400 $0

.
Faleomavaega, Eni F H (D-AS) $77,007 $338,505 $261,498 340 $48,004

.
Taylor, Gene (D-Miss) -$32,500 $75,000 $107,500 331 $32,500

.
Jackson Lee, Sheila (D-Texas) $159,005 $615,506 $456,501 287 $27,004

.
Costa, Jim (D-Calif) $851,003 $3,073,002 $2,221,999 261 $2,881,002

.
Wyden, Ron (D-Ore) $1,472,005 $4,817,513 $3,345,508 227 $6,246,019

.
Christian-Christensen, Donna (D-VI) $205,500 $625,501 $420,001 204 $518,000

.
Bordallo, Madeleine Z (D-Guam) $1,523,003 $4,565,002 $3,041,999 200 $4,916,003

.
Kanjorski, Paul E (D-Pa) $1,464,505 $4,356,505 $2,892,000 198 $4,356,505

.
Spratt, John M Jr (D-SC) $6,801,008 $19,543,006 $12,741,998 187 $22,443,507

.
Watson, Diane E (D-Calif) $48,501 $135,502 $87,001 179 $111,002

.
Towns, Edolphus (D-NY) -$269,497 $210,007 $479,504 178 $214,506

.
Dodd, Chris (D-Conn) $411,004 $1,139,508 $728,504 177 $1,498,509

.
Dicks, Norm (D-Wash) $261,504 $720,504 $459,000 176 $698,003

.
Berman, Howard L (D-Calif) $498,024 $1,367,020 $868,996 175 $1,082,547

.
Visclosky, Pete (D-Ind) $390,509 $1,064,511 $674,002 173 $1,107,012

.
Higgins, Brian M (D-NY) -$250,001 $170,505 $420,506 168 $170,505

.
Brown, Corrine (D-Fla) -$43,999 $28,001 $72,000 164 $3,501

.
Schakowsky, Jan (D-Ill) $71,008 $181,512 $110,504 156 $188,511

.
Boren, Dan (D-Okla) $591,502 $1,479,007 $887,505 150 $1,002,507

.
Stark, Pete (D-Calif) -$9,499,988 $4,295,508 $13,795,496 145 -$11,542,496

.
Miller, Brad (D-NC) -$462,997 $197,510 $660,507 143 $210,015

.
Clyburn, James E (D-SC) $165,504 $397,505 $232,001 140 $397,005

.
Israel, Steve (D-NY) -$104,000 $32,500 $136,500 131 $0

.
Kennedy, Patrick J (D-RI) $91,001 $207,501 $116,500 128 $18,107,502

.
Dorgan, Byron L (D-ND) $289,011 $633,517 $344,506 119 $765,019

.
Brady, Robert A (D-Pa) $799,005 $1,641,004 $841,999 105 $391,504

.
Ortiz, Solomon P (D-Texas) $773,003 $1,563,006 $790,003 102 $1,323,004

.
Kildee, Dale E (D-Mich) $239,503 $481,004 $241,501 101 $296,504

.

.
Totals for 41 Democrats $10,019,433 $85,726,776 $75,707,343 756% $95,620,163

.

.
Avg ‘04 Avg ‘08 Growth % Change 2009 Net Worth

.
39 Republicans

.
LaTourette, Steven C (R-Ohio) -$4,499 $590,502 $595,001 13,225 $790,502

.
Chambliss, Saxby (R-Ga) $16,001 $304,504 $288,503 1,803 $297,003

.
Putnam, Adam H (R-Fla) $724,510 $6,716,513 $5,992,003 1,754 $6,453,513

.
McMorris Rodgers, Cathy (R-Wash) $106,504 $1,423,013 $1,316,509 1,236 $1,330,509

.
Pence, Mike (R-Ind) $13,002 $158,007 $145,005 1,115 $90,007

.
Rohrabacher, Dana (R-Calif) $42,222 $463,504 $421,282 998 $342,499

.
Culberson, John (R-Texas) -$45,000 $337,501 $382,501 850 $337,501

.
Inglis, Bob (R-SC) $73,001 $571,513 $498,512 683 $448,002

.
Mack, Connie (R-Fla) -$242,000 $1,181,536 $1,423,536 588 $1,287,536

.
Davis, Geoff (R-Ky) -$19,995 $73,001 $92,996 465 $73,001

.
McConnell, Mitch (R-Ky) $3,072,514 $16,979,018 $13,906,504 453 $19,929,018

.
Wicker, Roger (R-Miss) $282,005 $1,526,508 $1,244,503 441 $660,513

.
Thornberry, Mac (R-Texas) $83,500 $391,001 $307,501 368 $391,001

.
Shadegg, John (R-Ariz) -$4,999 $12,501 $17,500 350 $12,501

.
Ros-Lehtinen, Ileana (R-Fla) $197,006 $874,005 $676,999 344 $957,504

.
Ensign, John (R-Nev) $1,041,795 $4,400,795 $3,359,000 322 $4,054,202

.
Diaz-Balart, Lincoln (R-Fla) $48,003 $172,005 $124,002 258 $155,504

.
Poe, Ted (R-Texas) $26,502 $88,504 $62,002 234 $112,505

.
Graham, Lindsey (R-SC) $262,510 $801,009 $538,499 205 $834,812

.
Myrick, Sue (R-NC) $107,501 $306,003 $198,502 185 $121,503

.
Sullivan, John (R-Okla) $65,001 $183,001 $118,000 182 $383,000

.
Blunt, Roy (R-Mo) $223,003 $601,509 $378,506 170 $765,009

.
Enzi, Mike (R-Wyo) $518,011 $1,394,535 $876,524 169 $1,692,536

.
Sessions, Pete (R-Texas) $894,526 $2,407,019 $1,512,493 169 $3,494,523

.
Barrett, Gresham (R-SC) $1,004,004 $2,635,520 $1,631,516 163 $2,536,518

.
Murkowski, Lisa (R-Alaska) $516,515 $1,344,019 $827,504 160 $1,366,020

.
Lucas, Frank D (R-Okla) $403,004 $1,022,502 $619,498 154 $1,010,502

.
Royce, Ed (R-Calif) $121,004 $291,002 $169,998 141 $315,004

.
Gohmert, Louis B Jr (R-Texas) -$110,001 -$250,001 -$140,000 127 $150,001

.
Forbes, J Randy (R-Va) $441,901 $999,381 $557,480 126 $805,480

.
Wilson, Joe (R-SC) -$348,500 $78,515 $427,015 123 $696,003

.
Bishop, Rob (R-Utah) -$16,499 $3,501 $20,000 121 $8,501

.
Burr, Richard (R-NC) $506,011 $1,098,744 $592,733 117 $1,375,888

.
Diaz-Balart, Mario (R-Fla) -$65,001 $8,000 $73,001 112 $32,500

.
Collins, Susan M (R-Maine) $196,503 $410,005 $213,502 109 $205,002

.
Garrett, Scott (R-NJ) $97,501 $202,505 $105,004 108 $338,005

.
Barton, Joe (R-Texas) $39,502 $81,002 $41,500 105 $81,002

.
McCaul, Michael (R-Texas) $34,176,566 $69,619,248 $35,442,682 104 $137,611,043

.
Aderholt, Robert B (R-Ala) $780,510 $1,566,011 $785,501 101 $3,927,511

.

.
Totals for 39 Republicans $45,223,644 $121,066,961 $75,843,317 168% $195,473,184

.

.
Total Net Worth For These 80 in ‘09 % Increase 08-09

.
$291,093,347 41%

.

.
Total $ Increase From ‘04-’08

.
$151,550,660


34 posted on 11/12/2011 8:03:30 AM PST by Dubya-M-DeesWent2SyriaStupid!
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35 posted on 11/12/2011 8:45:16 AM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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