More Revelations of Favorable Stock Trading By Members of Congress

By: Monday June 25, 2012 1:00 pm

The passage of the STOCK Act was supposed, in the eyes of Congress, to end all the intense anger over Congressional insider trading. The system worked, in their eyes. A problem was identified and Congress worked to address it. Everyone goes home happy. Except that’s not what happened. In a continuing series, the Washington Post [...]

Highest-Ranking Executive Convicted in Insider Trading Probe

By: Friday June 15, 2012 12:45 pm

Rajat Gupta, the former head of the consulting firm McKinsey and a former member of Goldman Sachs, was convicted today on insider trading charges. This is the latest of several insider trading suits that the government, particularly US Attorney in the Southern District of New York Preet Bharara, has focused on. While no executive has [...]

Senate Passes JOBS Act, STOCK Act

By: Thursday March 22, 2012 10:57 am

It’s unusual when the Senate passes one bill in a single day, but today they’ve passed two. And both are an indication of the seriousness of legislating in the modern age. First, we have the JOBS Act, a bill that promises an impossible solution to an unrelated problem, which is a mask for its true [...]

Senate Will Pass House Version of STOCK Act, Drop Political Intelligence Measures

By: Wednesday March 21, 2012 6:56 am

The Senate leadership has given up on trying to pass their version of the STOCK Act, instead planning a vote on the House bill that cancels out restrictions on so-called “political intelligence,” among other tougher measures. Senate Majority Leader Harry M. Reid (D-Nev.), in a Tuesday afternoon floor speech, announced that he would not compel [...]

Bachus Propping Up Primary Campaign With Big Bank Cash

By: Tuesday March 13, 2012 10:00 am

In addition to Presidential primaries in Alabama and Mississippi today, there are primary elections for Congress as well. We saw in Ohio with Jean Schmidt that incumbents are in no way safe in what feels like an anti-incumbent environment. And a new SuperPAC devoted to beating incumbents has a few more races in their sights [...]

Senate Ready to Give Up, Pass House Version of STOCK Act

By: Tuesday February 28, 2012 9:35 am

Both the House and Senate have passed versions of the STOCK Act, which would ban insider trading in Congress and accomplish a number of other ethics reforms, with large majorities. The Senate version includes a measure on “political intelligence,” forcing the network of people who hang around Congress and find out tidbits of information that [...]

STOCK Act Passes House as Bachus Insider Trading Investigation Begins

By: Friday February 10, 2012 7:35 am

The House passed a watered-down version of the STOCK Act, the bill that would ban insider trading among members of Congress. Democrats supported it in order to get the bill to a conference committee, as it has already passed the Senate. So the final vote was 417-2. The two major changes to the bill made [...]

Insiders and Lobbyists Begin to Gut Congressional Insider Trading Bill

By: Wednesday February 8, 2012 2:54 pm

When the Senate passed the STOCK Act, the bill that bans insider trading on non-public information picked up in Congress (yes, that’s not against the law right now) along with some other ethics reforms, I thought that could be a vehicle that would move expeditiously through the House. However, even though Majority Leader Eric Cantor [...]

STOCK Act Passes After Ethics Add-Ons

By: Friday February 3, 2012 7:03 am

The STOCK Act was a media-driven bill that politicians felt they could not resist after 60 Minutes ran a (somewhat flawed) exposé on the insider trading activities of members of Congress. Once a must-pass bill like that gets into circulation, it’s going to become an attractive target for messaging amendments where members try to hitch [...]

Senate Moves Forward on STOCK Act

By: Tuesday January 31, 2012 7:35 am

We learned yesterday that it’s very, very difficult for members of Congress to vote to effectively legalize insider trading for themselves. If it wasn’t for that meddling 60 Minutes, this wouldn’t be an issue. But that highlighted the fact that members of Congress could freely trade on information gained during their official duties, even in [...]

With Obama Endorsement, Insider Trading Ban for Congress Likely

By: Thursday January 26, 2012 8:55 am

One part of the State of the Union I forgot to mention is that the President formally backed legislation that wold ban insider trading among members of Congress. If the Administration has been serious about anything related to financial fraud, it has been insider trading, where they have engaged in multiple criminal prosecutions. And the [...]

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