Republican And Democrat Congressmen Profit From Insider Trading

June 26, 2012 6:18 am 0 comments

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Author:

Bill Kneer

As much as I am all for free markets, where every individual has the right to earn as much is he or she possibly can for the goods and services that they provide, I must say that when I read stories like this one in the Houston Chronicle it makes me more than a little angry.

Rep. Michael McCaul is listed as the second most wealthy member of the House. While exact numbers are not known, representatives disclose their finances in ranges, McCaul, an Austin Republican whose district extends into Harris County, is said to have a net worth of between $258,618,051 to $502,205,003.

McCaul’s assets are made up of investments in top lobbying companies like General Electric, Bank of America and Proctor and Gamble, as well as a large number of other companies.

I do not care what you are, Republican or Democrat, right is right and wrong is wrong.

In June 2011 the Gallup poll released the results from its latest poll on congressional approval.  According to the Gallup poll, congressional approval is up slightly but sits at 17%.  This is not an approval rating that anybody should be proud of.  February 8th 2012 Gallup poll puts the  congressional approval at 10%.

One of the reasons why congressional approval is always so low is not only due to Republican and Democrat infighting, But also because people do not trust or believe those people that we have elected to represent us in elected office.  The good people that we elect to represent us get their offices and then manipulate at every opportunity for personal benefit.

A recent article in the Washington Post explained in great detail why it is legal for the house members to use insider trading while in office.

A Founding Father, a federal bailout and the press were at the center of the only documented congressional insider trading case in U.S. history.

It was 1789, and state-backed revolutionary war bonds had become virtually worthless. Treasury Secretary Alexander Hamilton moved in to shore up the investments.

Before word spread, members of Congress secretly scooped up thousands of the bonds from unsuspecting farmers and war veterans, paying pennies on the dollar.

What followed set the stage for how Congress would respond to public outrage over such conflicts of interest for the next 200 years.

Those who govern should live under the same rules as tje governed, and until this is done Congress will have a low approval rating and those elected will only truly care about themselves, not us and this must change.

If we are going to save our nation we must fix the problems that got us where we are today, and this is a BIG one.

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