Keyword: insidertrading

Brevity: Headers | « Text »
  • Gambling debt, stock tip lead to $1 million settlement but no charges for Mickelson

    05/19/2016 5:44:38 PM PDT · by george76 · 22 replies
    Reuters ^ | May 19, 2016 | Joseph Ax
    Late in July 2012, Phil Mickelson, one of the world's most famous golfers, received a phone call from a well-known professional sports gambler, William "Billy" Walters. At the time, U.S. authorities say, Mickelson owed Walters a gambling debt, and Walters had a hot stock tip: buy shares in the food company Dean Foods Co. Four days later, Mickelson owned $2.4 million worth of Dean Foods shares, according to the U.S. Securities and Exchange Commission. A few weeks after that, he reaped a $931,000 profit when the company announced a spinoff that sent its share price soaring. Mickelson then paid off...
  • Paul Ryan sold shares on same day as private briefing of banking crisis

    05/09/2016 6:14:50 PM PDT · by Sybeck1 · 49 replies
    The Guardian ^ | 8/13/2012 | Dominic Rushe
    Paul Ryan, Mitt Romney's vice-presidential running mate, sold stock in US banks on the same day he attended a confidential meeting where top level officials disclosed the sector was heading for a deep crisis. The congressman on Monday denied profiting from information gleaned from the meeting on 18 September 2008 when Federal Reserve chairman Ben Bernanke, then treasury secretary Hank Paulson and others outlined their fears for the banking sector.
  • Pelosi’s Husband Invested in Solar Firm Weeks Before Lucrative Expansion

    04/19/2016 10:55:51 AM PDT · by Nachum · 31 replies
    Free Beacon ^ | 4/19/16 | Lachlan Markay
    House Democratic Leader Nancy Pelosi’s husband bought up to a quarter million dollars of stock in a now financially troubled green energy company just weeks before it announced a major 2014 acquisition that sent stock prices soaring, public records show. SunEdison told regulators last week that it is eyeing bankruptcy under the weight of $11.7 million in debt. But in late 2014, investors were bullish on the company, which manufactures and operates solar and wind power facilities. Its 2014 purchase of wind energy company First Wind “further bolstered the reputation of the company,” wrote one market-watcher at the time. “Perhaps...
  • Pelosi Husband Invested in Solar Firm Weeks Before Lucrative Expansion...

    04/19/2016 12:01:17 PM PDT · by MarvinStinson · 12 replies
    freebeacon ^ | April 19, 2016 | Lachlan Markay
    SunEdison is now eyeing bankruptcy, but Paul Pelosi invested right before a 2014 stock rally House Democratic Leader Nancy Pelosi’s husband bought up to a quarter million dollars of stock in a now financially troubled green energy company just weeks before it announced a major 2014 acquisition that sent stock prices soaring, public records show. SunEdison told regulators last week that it is eyeing bankruptcy under the weight of $11.7 million in debt. But in late 2014, investors were bullish on the company, which manufactures and operates solar and wind power facilities. Its 2014 purchase of wind energy company First...

    08/13/2015 7:21:30 AM PDT · by Chauncey Uppercrust · 50 replies
    CNBC ^ | AUG 12 2015 | CNBC Staff
    U.S. authorities have launched an investigation into the former chairman of Dean Foods, the country's largest milk processor, who is suspected of leaking confidential information about a corporate spinoff to a professional gambler, who in turn is thought to have tipped off pro golfer Phil Mickelson, the Wall Street Journal reported. Tom Davis, 66, abruptly resigned as chairman last week ahead of Dean Foods' second quarter earnings release on Monday. The company declined to provide details on his sudden departure, while Davis' lawyer said his resignation was voluntary, the WSJ reported. The Securities and Exchange Commission together with the Manhattan...
  • Congress Tells Court That Congress Can’t Be Investigated for Insider Trading

    05/08/2015 10:33:45 AM PDT · by Brad from Tennessee · 75 replies
    The//Intercept ^ | May 7, 2015 | By Lee Fang
    In a little-noticed brief filed last summer, lawyers for the House of Representatives claimed that an SEC investigation of congressional insider trading should be blocked on principle, because lawmakers and their staff are constitutionally protected from such inquiries given the nature of their work. The legal team led by Kerry W. Kircher, who was appointed House General Counsel by Speaker John Boehner in 2011, claimed that the insider trading probe violated the separation of powers between the legislative and executive branch. In 2012, members of Congress patted themselves on the back for passing the STOCK Act, a bill meant to...
  • Newbie Asks a Question: What is "Crony Capitalism"? (Vanity)

    01/11/2015 6:53:29 AM PST · by Regal · 59 replies
    Vanity Question ^ | Jan 11, 2015 | Regal
    I have just recently become an active poster (responder), and have seen the term "Crony Capitalism" used without explanation. Recently I saw the term associated with Communism, which confused me further. A "google" does little to clear things up, particularly in regards to how it might be interchangeable with communism. Can anyone help clear things up?
  • Boehner profits from Obamacare stocks

    01/06/2015 4:28:36 AM PST · by Ray76 · 31 replies
    WND ^ | Jan 5, 2015 | Jerome Corsi
    An analysis of Boehner’s current investment holdings includes a number of stocks benefiting from Obamacare in a total portfolio estimated at between $3.5 and $5 million in current market value. Boehner’s Obamacare-related investments trace back to 2009, when the Obama administration was pushing the Affordable Health Care Act through Congress. Boehner has consistently maintained his investments are held in a blind trust and that he does not personally make investment decisions in his own investment portfolio. But few experienced congressional critics believe Boehner and other members of Congress are unaware of their investment holdings, because public disclosure requirements demand yearly...
  • Ted Kennedy's son being investigated for insider trading

    12/10/2014 10:02:42 AM PST · by kiryandil · 43 replies
    UK Daily Mail ^ | December 9, 2014 | 0-ssociated Press
    Ted Kennedy's son being investigated for insider trading: Government information about prostate cancer drug was 'passed to clients by firm co-founded by senator's son' An insider trading investigation has been launched into Ted Kennedy Jr's former company. The Marwood Group, a healthcare-focused consulting firm co-founded by Kennedy, received notice from the Securities and Exchange Commission (SEC) this week. The agency's staff officially notified Marwood that it plans to recommend to the full commission charging the company with civil insider trading.
  • Insider Trading: If Phil Mickelson Traded On Carl Icahn's Tips, He's a Hero

    06/03/2014 7:26:16 AM PDT · by SeekAndFind · 36 replies
    RCM ^ | 06/02/2014 | John Tamny
    By now most are familiar with the allegations involving championship golfer Phil Mickelson. Supposedly using information passed on to him by Las Vegas bettor William Walters, Mickelson allegedly completed stock-market trades that were informed by tips given to Walters by billionaire investor Carl Icahn. Mickelson has denied any wrongdoing in the confused legal sense of "insider trading," but assuming he's committed capital based on privileged information provided by Icahn, readers should cheer his actions. To be blunt, to the extent that Mickelson traded on information that originated with Icahn, he's a hero for having so done so. That's the case...
  • Was Phil Mickelson targeted by Obama People?

    06/01/2014 4:27:38 AM PDT · by scooby321 · 24 replies
    Vanity | 6-1-2014 | Vanity
    Word is, Phil Mickelson is mad as hell about rising tax rates, and he’s not going to take it anymore. What follows is a brief portion of an interview Mickelson gave earlier today after carding a final-round 66 at the Palmer Course at PGA West in La Quinta – which I assure you, is not associated with the La Quinta next door to your local Denny’s – in which the golfer hinted that he is considering drastic career changes because of a combined tax rate nearing “62, 63 percent:”
  • Dirty Harry Got Richer in 2008...and You Didn't

    04/14/2014 4:19:40 AM PDT · by Kaslin · 5 replies ^ | April 14, 2014 | John Ransom
    Congress has inflicted frightful punishments on its members--now you know that. When they tried Mr. Fairoaks, and a cloud of witnesses proved him to be--well, you know what they proved him to be--and his own testimony and his own confessions gave him the same character, what did Congress do then?....Congress intimated plainly enough, that they considered him almost a stain upon their body; and without waiting ten days, hardly, to think the thing over, they rose up and hurled at him a resolution declaring that they disapproved of his conduct! Now you know that. –Colonel Beriah Sellers, The Gilded Age,...
  • The Insider-Trading Hysteria: What Exactly Does This Crime Consist of?

    03/05/2014 5:46:24 AM PST · by SeekAndFind · 17 replies
    National Review ^ | 03/05/2014 | Charles Gasparino
    Look up the sentencing guidelines for committing rape in New York State and you’ll find that the guilty serve anywhere from four to 25 years in jail — which is roughly what those convicted of trading stocks using “material non-public information,” a.k.a. insider trading, serve. Anything wrong with this picture? I’d say a lot. I do not write this as a fan of fat-cat traders who know the rules and wantonly violate them. But take a deep breath and consider the actions of Mathew Martoma, the latest in a long line of Wall Street hucksters snared by the government in...
  • SEC Employees Make Great Stock Pickers

    02/25/2014 10:23:24 AM PST · by reaganaut1 · 11 replies
    Turnkey Analyst ^ | February 24, 2014 | Wesley R. Gray
    Stock Picking Skills of SEC Employees Jawad M. Addoum, Alok Kumar, Kelvin Law Abstract: We use a new data set obtained via a Freedom of Information Act request to investigate the trading strategies of the employees of the Securities and Exchange Commission (SEC). We find that a hedge portfolio that goes long on SEC employees’ buys and short on SEC employees’ sells earns positive and economically significant abnormal returns of (i) about 4% per year for all securities in general; and (ii) about 8.5% in U.S. common stocks in particular. The abnormal returns stem not from the buys but from...
  • 2 charged with insider trading in Burger King deal

    01/27/2014 7:44:01 PM PST · by Olog-hai · 12 replies
    Associated Press ^ | Jan 27, 2014 7:26 PM EST
    U.S. federal prosecutors have charged two Brazilian nationals with insider trading in connection with 3G Capital’s $3.26 billion acquisition of Burger King in 2010. The complaint announced Monday alleges that Waldyr Prado, a 43-year-old former Wells Fargo financial adviser, and one of his brokerage clients, Igor Cornelsen, illegally profited from insider information about the Burger King deal after Prado learned about it from another client who had invested in private-equity firm 3G. …
  • House Republicans sidelined, Durbin says

    10/13/2013 7:22:02 PM PDT · by Tailgunner Joe · 37 replies ^ | October 13, 2013 | AUSTIN WRIGHT
    House Republicans are no longer a part of negotiations to end the standoff in Washington, Senate Majority Whip Dick Durbin said Sunday. “We’ve reached the point where House Republicans and their leadership have stepped to the sidelines,” the Illinois Democrat said on NBC’s “Meet the Press,” knocking the House GOP for what he characterized as shifting demands. “They’re not part of this,” he said. Sen. Rob Portman (R-Ohio), meanwhile, blamed President Barack Obama for the standoff over reopening the government and raising the debt limit. “The president has refused to negotiate,” Portman said. “It’s unbelievable.” Portman also echoed other Republicans...
  • The recession’s biggest winner: Warren Buffet made an astonishing $10 billion from financial crisis

    10/07/2013 3:04:34 PM PDT · by Olog-hai · 10 replies
    Daily Mail (UK) ^ | 15:40 EST, 7 October 2013 | (Daily Mail Reporter)
    For many, it was a period of financial turmoil as banks failed, stock markets tumbled and millions lost their jobs. However, billionaire Warren Buffett kept on doing what he does best and began investing in a handful of blue-chip companies during the financial crisis. Five years on and the value of those deals are clear for all to see, America’s second-richest man earning another $10 billion thanks to his choice investments. … The fall of 2008, when the market was shaky and confidence was low, a number of stocks of companies that had decent reputations were at record lows, including...
  • If You Hate Insider Trading, You Also Despise Dating

    09/05/2013 9:34:01 AM PDT · by SeekAndFind · 28 replies
    RCM ^ | 09/05/2013 | David Lewis
    Martha Stewart. Raj Rajaratnam. Albert H Wiggin. Dennis Levine. Jeff Skilling. Do any of these names ring a bell? They're all people who've been accused of insider trading. Some of them have been convicted, while others have not (there were no laws against insider trading when Wiggin made his money). Today, the Securities and Exchange Commission (SEC) publishes a running total of the insider trading cases it pursues. But should insider trading even be a crime? In a word: no. In some cases, the SEC takes action based on a combination of breach of contract and insider trading. In these...
  • Why Is Insider Trading Even Illegal?

    07/28/2013 12:54:31 PM PDT · by SeekAndFind · 43 replies
    TIME ^ | 07/28/2013 | Christopher Matthews
    Ever since the financial crisis, U.S. regulators have been hard at work putting away Wall Street financiers who play fast and loose with the law. The only problem is, those Wall Street crooks that the feds have been cracking down on aren’t those who actually caused the financial crisis, but a different breed of white collar criminal: inside traders. As Charles Gasparino explains in his new book on insider trading, it’s largely coincidental that the fed’s recent crackdown on the practice — which includes yesterday’s indictment of the hedge fund SAC Capital – is taking place in the wake of...
  • Hundreds in government had advance word of Medicare action at heart of trading-spike probe

    06/11/2013 9:08:48 AM PDT · by heartwood · 6 replies
    The Washington Post ^ | June 9, 2013 | Tom Hamburger and Dina ElBoghdady
    Hundreds of federal employees were given advance word of a Medicare decision worth billions of dollars to private insurers in the weeks before the official announcement, a period when trading in the shares of those firms spiked. The surge of trading in Humana’s and other private health insurers’ stock before the April 1 announcement already has prompted the Justice Department and the Securities and Exchange Commission to investigate whether Wall Street investors had advance access to inside information about the then-confidential Medicare funding plan. Sen. Charles E. Grassley (R-Iowa) told The Washington Post late last week that his office reviewed...
  • Latest Obama Adminstration Scandal: HHS Employees & Insider Trading

    06/10/2013 3:26:43 PM PDT · by EXCH54FE · 18 replies
    Freedom Outpost ^ | June 10, 2013 | Dean Garrison
    It seems that hundreds of Department of Health and Human Services employees had access to information about a Medicare decision, at least 436 employees to be exact, that could have been very useful in advance of a huge trading spike which was the result of the announcement. The Washington Post is breaking this story today: Hundreds of federal employees were given advance word of a Medicare decision worth billions of dollars to private insurers in the weeks before the official announcement, a period when trading in the shares of those firms spiked. The surge of trading in Humana‘s and other...
  • Hundreds in government had advance word of Medicare action at heart of trading-spike probe

    06/10/2013 8:30:39 AM PDT · by SeekAndFind · 37 replies
    Washington Post ^ | 06/10/2013 | By Tom Hamburger and Dina ElBoghdady
    Hundreds of federal employees were given advance word of a Medicare decision worth billions of dollars to private insurers in the weeks before the official announcement, a period when trading in the shares of those firms spiked. The surge of trading in Humana’s and other private health insurers’ stock before the April 1 announcement already has prompted the Justice Department and the Securities and Exchange Commission to investigate whether Wall Street investors had advance access to inside information about the then-confidential Medicare funding plan. Sen. Charles E. Grassley (R-Iowa) told The Washington Post late last week that his office reviewed...
  • Political intelligence firms set up investor meetings at White House

    05/27/2013 1:58:49 AM PDT · by Brad from Tennessee · 12 replies
    Washington Post ^ | May 26, 2013 | By TOM HAMBURGER
    Wall Street investors hungry for advance information on upcoming federal health-care decisions repeatedly held private discussions with Obama administration officials, including a top White House adviser helping to implement the Affordable Care Act. The private conversations show that the increasingly urgent race to acquire“political intelligence” goes beyond the communications with congressional staffers that have become the focus of heightened scrutiny in recent weeks. White House records show that Elizabeth Fowler, then a top ­health-policy adviser to President Obama, met with executives from half a dozen investment firms in 2011 and 2012. Among them was Kris Jenner, a stock picker with...
  • Rajaratnam Surfaced in U.S. Terrorism Probe [Funded DNC, 0, and Hillary!]

    10/17/2009 8:11:30 PM PDT · by Steelfish · 18 replies · 1,516+ views
    Wall St. Journal ^ | October 17th 2009
    OCTOBER 17, 2009 Rajaratnam Surfaced in U.S. Terrorism Probe By EVAN PEREZ and MATTHEW ROSENBERG WASHINGTON—The hedge-fund billionaire charged as part of a vast insider-trading case surfaced in an earlier, separate probe into U.S. fundraising by a Sri Lankan terrorist group, people familiar with the probe said. As part of that investigation, federal agents said they uncovered documents showing that Raj Rajaratnam, founder of the Galleon Group, was among several wealthy Sri Lankans in the U.S. whose donations to a Maryland-based charity made their way to the Liberation Tigers of Tamil Eelam, according to people familiar with the probe. Raj...
  • SEC Freezes Swiss Account Over Heinz Trades

    02/16/2013 11:02:42 AM PST · by Lorianne · 12 replies
    Wall Street Journal ^ | 16 February 2013 | Chad Bray, Jean Eaglesham
    <p>The U.S. Securities and Exchange Commission has frozen the assets of a Swiss trading account that allegedly made a series of "highly suspicious" trades reaping about $1.7 million ahead of the blockbuster sale of H.J. Heinz Co.</p> <p>The regulator's move came one day after Heinz said it was selling itself for $23 billion to Warren Buffett's Berkshire Hathaway Inc. and Brazilian private-equity firm 3G Capital in one of the biggest food-industry acquisitions ever.</p>
  • Goldman Sachs says cooperating with Heinz probe (Insider trading investigation)

    02/15/2013 6:15:58 PM PST · by jimbo123 · 13 replies
    Economic Times ^ | 2/15/13 | Reuters
    Goldman Sachs Group Inc is cooperating with a U.S. Securities and Exchange Commission probe into insider options trading in H.J. Heinz Co before the food company announced it was being acquired, Goldman said on Friday.
  • Geithner Appears to have Broken the Law

    01/20/2013 12:44:03 PM PST · by Oberon · 13 replies
    The Market Ticker Blog ^ | 1/19/13 | Karl Denninger
    From the Fed Transcripts: MR. LACKER. If I could just follow up on that, Mr. Chairman. CHAIRMAN BERNANKE. Yes, go ahead. MR. LACKER. Vice Chairman Geithner, did you say that they are unaware of what we’re considering or what we might be doing with the discount rate? VICE CHAIRMAN GEITHNER. Yes. MR. LACKER. Vice Chairman Geithner, I spoke with Ken Lewis, President and CEO of Bank of America, this afternoon, and he said that he appreciated what Tim Geithner was arranging by way of changes in the discount facility. So my information is different from that. Oh I see. Reuters...
  • Presenting The S&P500's 50 Point Surge Courtesy Of The Illegal "Geithner Leak"

    01/19/2013 10:37:55 PM PST · by Praxeologue · 7 replies
    Zero Hedge ^ | January 19, 2013 | Tyler Durden, nom de plume
    Yesterday we broke the news [24]of what is prima facie evidence, sourced by none other than the Federal Reserve's official August 16, 2007 conference call transcript [25], that then-NY Fed president and FOMC Vice Chairman Tim Geithner leaked material, non-public, and very much market moving information (the "Geithner Leak") to at least one banker, in this case then Bank of America CEO Ken Leiws, in advance of a formal Fed announcement - an act explicitly prohibited by virtually every capital markets law (and reading thereof). It was refreshing to see that at least several other mainstream outlets, including Reuters [26],...
  • Obama's Crony Capitalism (PIMCO Management Now in Bed with the White House)

    01/08/2013 7:13:30 AM PST · by SeekAndFind · 7 replies
    Reason ^ | 01/08/2013 | Ira Stoll
    On the Friday before Christmas, President Obama announced that he was appointing Mohamed A. El-Erian, the CEO of Pacific Investment Management Company, as the chairman of his Global Development Council. The announcement didn’t get much attention, but it should. It exemplifies what’s wrong with Obama’s approach to economic policy, which amounts to: insult rich people as “fat cats,” raise their taxes, and then choose a favored few of them for special access. If you’re not familiar with El-Erian, you must not be watching CNBC or attending the World Economic Forum at Davos. The son of an Egyptian ambassador to France...
  • Susan Rice’s Enrichment Program...Rice has investments in companies doing business with Iran

    11/29/2012 3:05:04 PM PST · by Beave Meister · 7 replies
    The Washigton Free Beacon ^ | 11/29/2012 | Adam Kredo
    The portfolio of embattled United Nations Ambassador Susan Rice includes investments of hundreds of thousands of dollars in several energy companies known for doing business with Iran, according to financial disclosure forms. Rice, a possible nominee to replace Secretary of State Hillary Clinton when she steps down, has come under criticism for promulgating erroneous information about the September 11, 2012, attacks in Benghazi, Libya, that killed four Americans. Rice has the highest net worth of executive branch members, with a fortune estimated between $24 to $44 million, according to the Center for Responsive Politics. A Free Beacon analysis of Rice’s...
  • Google Insiders Bail Prior to Stock Plunge

    10/22/2012 7:05:40 AM PDT · by Kaslin · 9 replies ^ | October 22, 2012 | Mike Shedlock
    There is nothing like inside information, provided you are on the inside. But heaven forbid should you be on the outside and act on a tip as did Martha Stewart. Insider Monkey reports Google Inc. (GOOG): Insiders Sold $280M Prior to Crash Google Inc. (NASDAQ:GOOG) chairman Eric Schmidt was very active in late September, as he executed 226 transactions in just three days from Sept. 24 to 26, selling off more than 211,000 shares at per-share prices between $742 and $764 per share. He came away with about $158 million. Other noteworthy insiders are Google Inc. (NASDAQ:GOOG) CEO Larry Page...
  • The 6 Most Popular Stocks Owned By Congress

    08/18/2012 3:39:34 AM PDT · by Kaslin · 25 replies ^ | August 18, 2012 | Paul Tracy
    The truth will make you sick. Congress is rich -- unbelievably rich. According to the Center for Responsive Politics, 249 of the 535 congressmen are millionaires. That's 47%. By comparison, about 5% of U.S. households are worth more than $1 million.And until recently, insider trading laws didn't apply to congress. They could buy or sell investments based on non-public information they learned from their privileged positions.As you would expect, that's led to some great returns for Congress' investments. In a study cited by Barron's, members of the U.S. House of Representatives beat investors like you and me by 55 basis...
  • Smartest Guy in the Room (Kerry's Insider Trading Scandal - $193,000,000.00! as Obama Spokesman!)

    05/04/2012 2:02:11 PM PDT · by MindBender26 · 7 replies
    Wash Beacon ^ | Andrew Stiles
    Failed Democratic presidential nominee Sen. John Kerry’s (D., Mass.) long history of ethically dubious investments could invite controversy as he takes on a new role as a “top surrogate” for President Obama’s reelection campaign. Kerry’s net worth as listed on his 2011 financial disclosure form is at least $193 million and likely much higher, making him the wealthiest member of the Senate. He is also a prolific investor, maintaining an array of stocks and other holdings through a mix of family trusts, marital trusts, and commingled fund accounts with his wife, Big Ketchup baroness Teresa Heinz. The five-term Senator has...
  • Obama signs insider trading bill, wants more curbs on Congress

    04/04/2012 12:00:29 PM PDT · by NormsRevenge · 18 replies
    Yahoo ^ | 4/4/12 | Reuters
    WASHINGTON (Reuters) - President Barack Obama called on Wednesday for stricter controls on lawmakers to confront "the corrosive influence" of money in Washington as he signed into law an insider trading ban he said was needed to help restore trust in the U.S. government. The Democrat, who is running for re-election in November, said the STOCK Act he signed at the White House made plain that members of Congress using non-public information to improve their personal investment portfolios were breaking the law. Enforcement of the core stock trading disclosure provisions will begin in July. He also called for more restrictions,...
  • Scandal at The Washington Post: Fraud, Lobbying & Insider Trading

    03/09/2012 7:32:11 AM PST · by Qbert · 13 replies · 1+ views
    Accuracy in ^ | March 8, 2012 | Rusty Weiss
    In the summer of 2010, business columnist for The Washington Post Steven Pearlstein lifted the veil on the little-known company operating procedure that involves an incestuous relationship between his own employer, and the scandal-plagued, for-profit university known as Kaplan.1 In his column, Pearlstein made the argument that while personnel in the newsroom may have nothing to do with Kaplan, they most certainly have “benefited from its financial success.” So what is it about Kaplan that has been so beneficial to Post employees? Aside from being one of the largest for-profit colleges in the country, Kaplan is not only a subsidiary...
  • Harry Reid Signals He May Gut Insider Trading Bill

    03/08/2012 8:24:36 AM PST · by redstateone · 8 replies
    Big Government ^ | March 8, 2012 | Wynton Hall
    The bill spearheaded by Breitbart editor Peter Schweizer banning members of Congress from using nonpublic information to profit their personal investments may hit a wall in the form of Sen. Harry Reid (D-NV). On Monday, Mr. Reid indicated that he may simply accept the watered down version of the STOCK (Stop Trading On Congressional Knowledge) Act passed by the House instead of sending the bill to a conference committee to hammer out the significant differences between the House and Senate versions of the bill. “There is a decent chance that we will just take the House bill. That would be...
  • 16 Members of Congress Funneled Millions to Their Relatives, Employers, Study Finds

    02/13/2012 5:53:49 PM PST · by STARWISE · 70 replies
    Big Government ^ | 2-13-12 | Wynton Hall
    n his New York Times bestselling book, Throw Them All Out, Breitbart editor Peter Schweizer revealed how members of Congress enrich themselves and their relatives using earmarks and insider information. Now, the Washington Post, following in Schweizer’s footsteps, has conducted a study that found 16 members of Congress have used their power of the purse to benefit companies, colleges, and community groups tied to their relatives. *snip* Among those cited in the Washington Post report were the following (below):
  • (Shortened Title) STOCK Act Won't Stop Millionaire Congress Picking Winners and Losers

    02/10/2012 6:00:57 AM PST · by Kaslin · 5 replies ^ | February 10, 2012 | John Ransom
    The House yesterday passed a new "reform" measure aimed at curtailing the practice of trading on securities with inside information amongst members of Congress and their staff. Suprise! Some members of Congress were arriving in Congress and becoming rich on the experience. Ever wonder how people go to Congress and become millionaires? The publication last year of a new academic report cleared up for us at least one way the millionaires' club known as Congress benefits.A report from four scholars, Alan J Ziobrowski; James W Boyd, Ping Cheng; and Brigitte J. Ziobrowski, titled Abnormal Returns From the Common Stock Investments...
  • Rep. Bachus Faces Insider-Trading Investigation

    02/09/2012 8:48:16 PM PST · by fight_truth_decay · 27 replies
    WPO ^ | Thursday, February 9, 9:30 PM | Scott Higham and Dan Keating
    The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to individuals familiar with the case. Rep. Spencer Bachus (R-Ala.), who holds one of the most influential positions in the House, has been a frequent trader on Capitol Hill, buying stock options while overseeing the nation’s banking and financial services industries.
  • House insider trading bill takes dig at Pelosi (the "Pelosi Provision")

    02/07/2012 5:46:44 PM PST · by Libloather · 7 replies
    Yahoo ^ | 2/07/12 | David Lawder
    House insider trading bill takes dig at PelosiBy David Lawder | Reuters – 1 hr 17 mins ago WASHINGTON (Reuters) - Republicans in the House of Representatives will take an election-year dig at top Democrat Nancy Pelosi in changes added to a fast-moving ethics bill, adding new curbs to prevent government officials from gaining special access to initial public stock offerings. A senior House Republican aide said on Tuesday the so-called "Pelosi Provision" would strengthen the Stop Trading on Congressional Knowledge (STOCK) Act passed by the Senate last week. **SNIP** The provision, one of a number of changes drafted by...
  • Stop Insider Trading Dead In Its Tracks

    01/06/2012 2:23:13 AM PST · by Cincinatus' Wife · 22 replies
    Red State ^ | January 5, 2012 | Rick Perry
    Earlier this week, the Chicago Tribune ran a little noted editorial on the insider trading scandal plaguing Congress, calling out phony efforts to reform the rules and demanding that we finally put a stop to this outrageous and unethical behavior. If you haven’t read the editorial yet, I recommend you do because while the professional political punditry class is more interested in superfluous items like the political horse race and candidate attire, the reality is that members of both parties in Washington, D.C., are abusing their positions and ordinary Americans have had enough. As the editorial notes, “’60 Minutes’ reported...
  • Nancy Pelosi, Down and Dirty

    12/16/2011 3:57:24 AM PST · by Kaslin · 14 replies ^ | December 16, 2011 | Michelle Malkin
    As a rueful Queen Elizabeth once said of a particularly rough year for the royal family, 2011 is "not a year on which" Queen Nancy Pelosi "shall look back with undiluted pleasure." The former House Speaker relinquished her crown -- er, gavel -- in January. It's been an epic downhill ski crash ever since. Most recently, Pelosi faced questions from liberal "60 Minutes" and conservative investigative author Peter Schweitzer about a 5,000-share Visa stock purchase she made with her husband as the House was considering credit card regulations. She made a "killing" off the highly sought-after initial public offering. The...
  • Newt Crashes, Romney Soars On InTrade

    12/17/2011 4:00:51 PM PST · by Halfmanhalfamazing · 51 replies
    Business Insider ^ | December 15th | Zeke Miller
    Newt Gingrich's fortunes on the prediction betting website InTrade have collapsed in the past three days, amid an unrelenting assault from all sides in the Republican field. After pushing close to 40 percent on the site, he's down to a 16.5 percent chance of winning the nomination. Mitt Romney, who fell as low as 42 percent on the site last week, is back up to 64 percent. The radical swing is a reflection of the growing unease on all sides about Gingrich's viability as the nominee - and recent polling showing that Gingrich's rise to the top in Iowa was...
  • Gov. Palin's Plan to End Insider Trading

    12/13/2011 2:55:55 PM PST · by 2ndDivisionVet · 43 replies · 3+ views
    Andrew Breitbart's Big Government ^ | December 13, 2011 | Wynton Hall
    <p>Yesterday, former Alaska Governor Sarah Palin outlined a four-part solution to end congressional insider trading and vowed not to “give up until we get the sudden and relentless reform we deserve.”</p> <p>First they denied it, then they dismissed the problem as much ado about nothing. Some said there was no need for new laws or action because the Securities and Exchange Commission could prosecute members of Congress under existing laws against insider trading.</p>
  • Joe Lieberman contradicts Sarah Palin: Where's evidence of insider trading? (VIDEO)

    12/13/2011 12:15:20 PM PST · by 2ndDivisionVet · 22 replies
    The Christian Science Monitor ^ | December 13, 2011 | Dave Cook
    Sen. Joseph Lieberman, chairman of the Senate Homeland Security and Government Affairs Committee, disagrees with Sarah Palin on whether there is proof that members of Congress are engaged in insider trading. But the independent senator from Connecticut agrees with her conclusion that legislative action on the issue is needed. “I don’t have any evidence that there is insider trading by members of Congress,” Lieberman said Tuesday at a breakfast for reporters hosted by the Monitor. But he admitted that in the wake of Peter Schweizer’s book, “Throw Them All Out,” and a 60 Minutes segment on the subject, “a lot...
  • Palin: Politicians’ Insider Trading Should be Illegal

    12/13/2011 9:45:04 AM PST · by Cincinatus' Wife · 14 replies
    National Review Online ^ | December 13, 2011 | Katrina Trinko
    Last month, Rick Perry proposed that it be classified as a criminal activity if any senator or House member traded stocks based on insider knowledge. So far, the issue seems to have garnered relatively little attention, but Sarah Palin is out with a USA Today op-ed on the same topic, stressing the need to make the practice illegal.
  • Congress's Phony Insider-Trading Reform

    12/12/2011 4:32:19 PM PST · by khnyny · 1 replies
    Wall Street Journal ^ | December 12, 2011 | Jonathan Macey
    Members of Congress already get better health insurance and retirement benefits than other Americans. They are about to get better insider trading laws as well. Several academic studies show that the investment portfolios of congressmen and senators consistently outperform stock indices like the Dow and the S&P 500, as well as the portfolios of virtually all professional investors. Congressmen do better to an extent that is statistically significant, according to studies including a 2004 article about "abnormal" Senate returns by Alan J. Ziobrowski, Ping Cheng, James W. Boyd and Brigitte J. Ziobrowski in the Journal of Financial and Qualitative Analysis....
  • Palin: Congress, it's time to stop lining your pockets

    12/12/2011 2:36:00 PM PST · by Hunton Peck · 16 replies
    SarahPalinUSA ^ | 12/12/2011 | Sarah Palin
    Meek insider trading bills won't do; the self-serving use of privileged information must end.
  • Why Is Eric Cantor Blocking the Congressional Insider Trading Act? (Complicated)

    12/11/2011 5:30:08 PM PST · by khnyny · 50 replies
    cnbc ^ | December 11, 2011 | John Carney
    In a strange and unexpected twist, the Republican leader in the House of Representatives is now blocking progress on a bill that would definitively outlaw insider trading [cnbc explains] by federal lawmakers. The Republican sponsor of the bill in the House, Financial Services Chairman Spencer Bachus of Alabama, had scheduled a markup of the Stop Trading on Congressional Knowledge (STOCK) Act for next week. But on Wednesday, Majority Leader Eric Cantor of Virginia cancelled the markup session. Cantor reportedly said he blocked the bill to give Congress more time to examine the issue. Critics of the move, however, fear that...
  • Pelosi Made Killing Off of Most In-Demand IPO in History

    12/10/2011 8:36:53 PM PST · by DBCJR · 29 replies
    NewsMax ^ | Saturday, 10 Dec 2011 12:35 PM | By Paul Scicchitano and Ashley Martella
    ... Pelosi and her husband doubled their stock investment on a highly sought after Visa IPO in a matter of only weeks, according to Schweizer. “She and her husband were given access to low price, pre-IPO shares of stock — 5,000 shares that they were able to buy for $44 apiece and then they were able to see that value go up by 50 percent in one day, and then more than double in value within a couple of weeks,” he says, adding that the deal took place during Pelosi’s reign as Speaker. “They were given access to this stock...