Dodge, weave, and collect a “get out of jail free” card. Members of Congress reprehensibly trade on insider information, by inference if not admission, continuing to get rich – in Nancy Pelosi’s case her husband a millionaire on “wife privilege.” Democrat leaders just killed the bill that would criminalize “insider trading” by Congress. If Republicans take the House, do it – fast.
Countless Republicans – those deplorable “enemies of the state” – want Congress held accountable for cheating, together with some Democrats. They got stuffed by the Speaker, who thinks no penalties should issue for congressional cheating to get rich. Even some concerned Democrats are in disbelief.
You will say, “Common man, it is just stock, we know what we know” or “cut members of Congress a break,” or maybe “it is not that bad, is it?” Answer: It is illegal, bad as bad is.
Fact: This is epidemic and includes Republicans. A fifth of Congress is open to question. Specifically, “from 2019 to 2021, 183 current senators and representatives reported a trade of stock or another financial asset by themselves or an immediate family member.” That is avoidable – very simply by not trading while in office, a blind trust, or divestment.
So, why did it happen? And why should it happen? “More than half of them sat on congressional committees that potentially gave them insight into the companies whose shares they reported buying or selling …” notably, including Nancy Pelosi, the Insider Goddess.
So, what is so complicated about holding members of Congress accountable to the same basic standard that applies to every American citizen – who is not in Congress? What is so hard about saying, “If you get inside information from your job, position, friends, colleagues, privileged briefs, or any other source, you cannot make stock trades on that information – or you are subject to investigation and potential prosecution for a felony?”
Yet here we are: A bill pushed hard by Republicans and supported by many Democrats, which would shine a bright – arguably a blinding – light on Pelosi and current US House leadership, was sunk by Pelosi last week.
Who would it have called out? Who would it have made obey the law, or face prosecution? Beyond Pelosi, for which evidence is considerable, how about those who played fast and loose with the “due process” during Trump’s two “show trial impeachments,” like Adam Schiff or Democrat colleague Senator Feinstein?
The esteemed Mr. Schiff, Senator Feinstein, and other quick detractors of Republicans – many of whom never saw an anti-Trump allegation they did not accept without inquiry – seem to be “exhibit one” when it comes to suspicious stock trading.
Wrote the LA Times this year, naming Feinstein, Democrats, Republicans, boosting prior numbers: “At least 113 lawmakers disclosed stock transactions made by themselves or family members in 2021…trades worth an estimated $355 million.”
Wrote Barrons before that: “Congressman Adam Schiff…resumed selling Apple stock.” Truth is, these luminaries are not alone. When the “sooo-eee” call comes, many answer and trade. The numbers are staggering.
So, the real question – as anti-woke, anti-privilege, antagonized, wolfish Americans circle Congress at midterms – is “How can the House Speaker pull the bill that for a year has been awaiting a vote, on which many Americans expected a vote, and which would pull back that “get out of jail free” card for insider trading by members of Congress?
Here is the deal: When you see a member of Congress, when you bump into their wordy, self-serving ads, when you hear them say they are all for you, not for themselves, selfless not selfish – ask them, or just ask yourself, who are they serving when they deep-six a bill that would have made illegal what they are doing, trading on information no one else has, to make themselves rich?
Much of what this Congress has done is a disgrace, objectionable, and will be central to the election this fall – but this issue should rile every American. When Congress permits illegalities to stay legal for themselves, who are they serving – you or themselves?
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