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Topic:
Office of Congrssional Ethics launches investigation of Rep. Spencer Bachus (R) over insider trading
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Yukishiro1
Posts: 3,243
Registered: 2002-9-20 23:52:57
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Date Posted:
1/1/00 12:00am
Subject:
Office of Congrssional Ethics launches investigation of Rep. Spencer Bachus (R) over insider trading
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theredkay1 posted:
I dont quite understand the assumption that congress is exempt from this rule. It seems to be Congressmen saying 'we havent been prosecuted before, therefore we are exempt.' The law is very broad and there is no reason to think that congress is exempt just because nobody has prosecuted them in the past.
I thought there was a specific exemption for Congresspeople who got their insider information from their job.
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Thugoneous
Title: Watching Caliente, BRB.
Posts: 1,128
Registered: 2002-11-2 18:00:54
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Date Posted:
1/1/00 12:00am
Subject:
Office of Congrssional Ethics launches investigation of Rep. Spencer Bachus (R) over insider trading
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The book that pointed this out dropped a lot more names than his. I wonder why he's being singled out.
Also I hope he's tossed out miserable scum bag.
-----signature-----
Lady, people aren't chocolates. D'you know what they are mostly? Bastards. Bastard-coated bastards with bastard filling.
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Taliesihne
Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
Office of Congrssional Ethics launches investigation of Rep. Spencer Bachus (R) over insider trading
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Thugoneous posted:
The book that pointed this out dropped a lot more names than his. I wonder why he's being singled out.
Also I hope he's tossed out miserable scum bag.
Probably has something do with his committee chair.
-----signature-----
Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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Date Posted:
1/1/00 12:00am
Subject:
Office of Congrssional Ethics launches investigation of Rep. Spencer Bachus (R) over insider trading
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Taliesihne posted:
Thugoneous posted:
The book that pointed this out dropped a lot more names than his. I wonder why he's being singled out.
Also I hope he's tossed out miserable scum bag.
Probably has something do with his committee chair.
-----signature-----
I radiate more heat than light.
I know what you're trying to do but you're just sailing another failboat over the falls. - imaloon1
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theredkay1
Posts: 611
Registered: 2008-5-16 10:37:09
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Date Posted:
1/1/00 12:00am
Subject:
Office of Congrssional Ethics launches investigation of Rep. Spencer Bachus (R) over insider trading
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Yukishiro1 posted:
theredkay1 posted:
I dont quite understand the assumption that congress is exempt from this rule. It seems to be Congressmen saying 'we havent been prosecuted before, therefore we are exempt.' The law is very broad and there is no reason to think that congress is exempt just because nobody has prosecuted them in the past.
I thought there was a specific exemption for Congresspeople who got their insider information from their job.
I thought so too when the story first broke a few months ago and it surprised me....
But the actual insider trading law is very vague. It basically says you cant buy/sell based on fraud or deception. The courts have interpreted that having non-public information and acting on it constitutes fraud....you are defrauding the person on the other side of the transaction.
There is no law that exempts congress from fraud.
current head of the SEC posted:
The general legal principles described above apply to all trading within the scope of Section 10(b) and Rule 10b-5. There is no reason why trading by Members of Congress or their staff members would be considered “exempt†from the federal securities laws, including the insider trading prohibitions, though the application of these principles to such trading, particularly in the case of Members of Congress, is without direct precedent and may present some unique issues.
http://newsroom-magazine.com/2011/government-agencies/sec/sec-enforcement-chief-tells-senate-congress-not-exempt-from-insider-trading-law/
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