Obama Quietly Passed Law Making Insider Trading Easier for US Politicians

I still wonder who was doing all the insider trading in the run-up to 9/11.

Via 21st Century Wire:

Remember the good old days, when the good men and women of America got into politics to help serve their country, and not for the money?

Imagine if you were able to pass a law that would regulate your own behavior and ultimately define the consequences of that behavior. That’s what all politicians in Washington DC do on a regular basis.

When it comes to regulating their investments whilst in office, they are able to pass laws that allow them to use special foreknowledge (that only lawmakers and government regulators have) for personal gain.

It’s all about finding that golden loophole. Once upon a time it was called “insider trading”… hardly a crime on Wall Street anymore (props to Goldman Sachs), and neither in Washington DC, or so it seems, according to the President and his legislative branch.

Now we know how hard it is to be a politician these days. Many of you genuinely feel that their should be some additional value-added perks to your job as a public servant. After all, our elected officials deserve some extra compensation for shunning the public sector and offering their incredible talents for the public good, right?

While tragic events in Boston are dominating the national media this week, US President Barack Obama quietly signed a bill, and one which passed rather swiftly through Congress we might add… it’s a bill that prevents key financial disclosure forms filed by senior governmental employees from being posted online. In a rare display of cross-party cooperation, both sides of the aisle seemed happy to approve (surprise, surprise) by unanimous consent.

This latest bill specifically alters the Stop Trading on Congressional Knowledge Act, or ‘STOCK Act‘, which, when it was originally drafted was intended to be a law designed to combat insider trading on Capitol Hill – until our elected officials got their teeth into it that is.
This is how the criminals usually work – quietly and in secret: the bill passed both House and Senate chambers on a voice vote (where lawmakers’ names are not recorded). Both chambers cleared the legislation in near record time by Washington DC standards – taking only ten seconds in the Senate and 14 seconds in the House to pass.

According to the report below,”The bill represents a major blow to government transparency”. It certainly does and then some, but more than anything, it just makes it a lot easier to get richer from a career in politics.

This is really the sort of law you would expect to be passed in a corrupt banana republic, with a fascist dictator presiding over a government full of self-interested industrialists. So is this the new America?

Obama signing a bill like this with the hyper-sonic, complete backing of both chambers of government spells out everything that is wrong with American government today and why so few people trust anyone who calls themselves a politician or government staffer. It’s also a prime example as to why so many Americans have all but given up on the political process, almost forced to submit to its systemic corruption.

This is one of the ways in which our long-serving Congressmen/women, Senators, esteemed residents and staff in the White House are able the amass such huge fortunes during their glorious political careers- by simply gaming the system.

One set of rules for the people, and another set of rules for our “leaders”.

It does not appear that they can actually be trusted to make decisions that govern political life.

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