Democrats and Republicans.... please jump in here and tell me why this is a good thing...?
 

http://nyulocal.com/national/2013/04...r-trading-ban/

And just FYI.... The President DID sign the repeal of this act...

Congress Quietly Repeals Congressional Insider Trading Ban
By Sakib Ahmed on April 15th, 2013

While Congress might be stuck in a deadlock on just about every issue imaginable, there?s one piece of legislation that both Democrats and Republicans hate unanimously: the Stop Trading on Congressional Knowledge (STOCK) Act, a law passed last year designed to prevent insider trading among lawmakers and government officials by requiring them to post disclosures of their financial transactions online.

Both parties and both houses of Congress hated the disclosure portion of the law so much that it was repealed on Friday without debate?the measure was sent to the president by unanimous consent. The ordeal took about 10 seconds in the Senate and 14 seconds in the House, according to official records.

The STOCK Act would have required members of Congress, their aides, and other federal employees making more than $119,554 a year to disclose their financial dealings in an online database. It was supposed to prevent government officials from using insider knowledge about policy-making to profit from stock trades and other investments....."



Interestingly, here was the way it was justified:

"...the ultimate repeal came after the National Academy of Public Administration, a nonprofit group, found that publishing the information would create an ?unwarranted risk to national security and law enforcement, as well as threaten agency missions, individual safety and privacy,? in a report delivered last month. The group suggested that the online posting requirements should be suspended indefinitely."




.So can someone please tell me how you defend this? I would be fascinated.

Just a note. The insider trading that congress does on a daily basis, using their government insider knowledge to line their own pockets, would put any of the rest of us in Jail for many years.



.:2 cents:

The Golden rule.

if you or I were to use insider knowledge of future laws or regulations to buy a stock, or tell our friends to buy a stock, WE WOULD GO TO PRISON FOR A LONG TIME AND THE GOVERNMENT WOULD SEIZE EVERYTHING WE OWN. When the government officials do it, nothing at all happens to them. Why are they allowed to trade stocks at all, when the government obviously has a HUGE influence over what businesses will succeed or fail? The conflict of interest here is so obvious that it's stunning.


I'm still waiting for a Democrat to tell me how Obama is SO much better than those "evil" republicans....




.

I'm just here to post this random post..

I copied and pasted this from a comment on this story...

Here's why you want congress to be exempt from insider trading:

Congressman A owns stock in Monsanto. There is a bill up for vote that will ban a pesticide owned by Monsanto. If Congressman A dumps his stock in Monsanto and votes in favor of the ban, that's insider trading. If he's not allowed to do that, he has to choose between regulating Monsanto and losing a lot of money.

I'd rather not rely upon the selflessness of politicians, personally.

Sorry, that makes no sense. We should be able to see everything that they are doing, in exchange for allowing them the power to use force over the rest of us.

Actually, they shouldn't be allowed to trade at all. They are not elected for this. If they want to trade on wall street, then they shouldn't run for office. They have the ability to save one business with our tax money, or cripple another with new regulation. They can give bailouts to their friends and help to keep down the competition with expensive licensing and taxes that only the biggest can afford, etc, etc, etc....

Anyone who things that the US isn't exactly the same as some 3rd world country when it comes to corrupt governments helping themselves, and their friends, to our money is totally fooling themselves.



:disgust


.

Our politicians shouldn't be allowed to invest or PROFIT in ANYTHING while they are in office. Their political salaries and perks are enough.

If they don't think political salaries are enough, then they are not in it for the good of the people anyway, so fuck em!

This type of stance would probably fix our much needed term-limit issues at the same time, so it's a win-win.

See? We agree!:pimp:banana:GFYBand:GFYBand:liebe028: :drinkup :wetkiss:Graucho



.

Tell me SperBonzo: how Bush and Chaney can walk free men today after 2 wars they got USA involved based on pure lies and 5000 US service men dead? Oh, these "evil" republicans....You are so full of shit Sperbonzo with your "White boys club" brain farts you post here.