Wednesday, April 4, 2012

No more insider trading for Congress! Are congratulations really in order?

Fanfare surrounding the signing of the STOCK Act into law!

Stop Trading on Congressional Knowledge aka the STOCK Act is a catchy and useful acronym that let's the voting public know that our thieving lawmakers in Washington can no longer legally steal in the Wall Street arena. That's one arena down and God knows how many to go!

Please excuse me, however, if I don't join in the congratulatory euphoria surrounding the fact that members of Congress now have to abide by some of the same insider trading laws that we common folk have always been subject to under the penalty of jail time.

Should we really salute the fact that these public servants, many millionaires in their own right when they got to Washington, can no longer profit from trading on non-public information?

How about if those who have profited in the past return some of their oversized windfalls and help reduce the federal budget deficit for the rest of us?

The fact that this restriction wasn't put into law until now is an embarrassment, and the fact that they are using the signing as a photo op is pathetic.

Imagine the pomposity and arrogance that, as is usually the case, is best articulated by President Obama when he said that this Act will insure that everyone

"…plays by the same rules. It's the notion that the powerful shouldn't get to create one set of rules for themselves and another set of rules for everybody else. If we expect that to apply to our biggest corporations and our most successful citizens, it certainly should apply to our elected officials…”

Well Mr. President as is usually the case, thanks for nothing!

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