Skip to comments.Lieberman Says SEC Can Prosecute Congressional Insider Trading
Posted on 12/01/2011 10:11:16 AM PST by Qbert
In an interview with Fox News this morning, Sen. Joe Lieberman (I-CT) said that the Securities & Exchange Commission believes that under existing law they can prosecute lawmakers who trade on insider information.
The Securities & Exchange Commission is going to say in testimony submitted to our committee today that under existing law they could prosecute members of Congress guilty of using insider information to make money, he said, POLITICO reported.
Lieberman is the Chairman of the Senate Homeland Security and Governmental Affairs Committee which is holding a hearing today into allegations raised on '60 Minutes' last month that lawmakers are getting rich by abusing their offices. Initial reports suggested that lawmakers were exempt from insider trading laws.
(Excerpt) Read more at businessinsider.com ...
Unfortunately I don’t trust the SEC any more than I do congress.
Not good news for Red Nancy Pelosi.
If this is true, I’d like to see Boehner be the first congress critter to do the perp walk.
He MUST be replaced...
They had already decided this, and yet they let Feinstein, et al run wild?
Scott Brown introduced legislation banning members of Congress from trading on non-public information and reporting any stock transacations over $1000 within 90 days...it better include staff, justice, executive branches as well. I really despise these people...
I wonder if bright orange is Pelosi’s color? Also, can we sue her for our gas money back? I don’t believe that a majority leader is that much that they need a private jet on my dime! (OK. I’m still fumed about that).
Don’t hold your breath, unless your favorite color is blue.
Just as soon as they get through investigating silver price manipulation and the CME.
Let’s start filling the jails now. I am sure that thousands of staff and Congress persons have illegally enriched themselves.
"Unfortunately I dont trust the SEC any more than I do congress."
You mean the same SEC employees that were viewing dirty movies at work while the stock market was crashing in '08?
It would be nice to see him go if he really did it... along with the scores of Dems that were doing this.
My congressman is apparently doing something wrong. After 20 years in state and federal politics he’s still a 6 figure income earner.
I personally know that in the old days, if you wanted a Bank, Radio Station or TV station you would call your congressperson and he would have his staff push through the paperwork for a percentage of the deal.Kinda of like the Mafia if you wanted garbage pick up or a building built.
Now they just buy stocks on short them on news that the staff has put in bills.
I members of congress cannot trade on insider information I’m truly afraid the quality of representation will suffer. /s/
Me either. If the law applies as is to Congress, then why have they turned their backs and not enforced existing laws??? Just like ‘Fails to Deliver’ and naked short selling, the rules/laws are there, they’re just selectively enforced.
Dog thinks about biting the hand that feeds but it knows better than to do that.
I remember reading about LadyBird Johnson, going through Texas and telling stations to sell out, or she'd have them shut down.