“It is unlawful to use or employ any stop-loss order in connection with the purchase or sale, of any security registered on a national securities exchange, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.” as stated in Section 10 of the ” Securities Exchange Act of 1934.
Everybody understands insider trading is illegal, unless you’re in Congress, the Executive Branch or the Legislative Branch of our Government. For years the American citizens feelings towards Congress have been plummeting in an uncontrollable spiral downward as we learn details concerning their moral character, ethical standards along with their blatant attempts to bride other members for votes on specific bills they need passed. With the issue of insider trading we are led to believe Congress passed a law which exempt them from following the rule regulating trades.
According to the Committee on Insider Trading, Congress is not nor never have been exempt from these laws. Members who trade with information received during the course of duties in Congress are breaking Securities Exchange laws. Members of all branches of government continually exasperated their declining popularity with the American People as they use their positions to engage in unethical behaviors that would land the average citizen locked up behind bars for many years.
Not to long ago, Martha Stewart went to jail for gaining an unfair advantage over the average citizen walking the streets of America with information gained that wasn’t public knowledge. Recently Primary Global Research led Sales Representative, James Fleishman was found guilty in Manhattan of insider trading and will be sentenced December 21, 2011.
During the three and a half hour hearing the panel interpreted the law as no one is exempt from insider trading laws and elected officials need to be held at a higher standard with repercussions to those who conduct business with unsavory behavior. Representative Sean Duffy (R) Wisconsin asked that legislation being considered (Stop Trading on Congressional Knowledge Act, H.R. 1148) should hold all members to strict reporting requirements. One such requirement would be to report to the House within three days of a stock trade.
Committee Member Representative Walter B. Jones (R) N.C. interrupted Rep. Duffy to interject this statement concerning the questionable trades, “If nothing else comes from this but meaningful legislation that the Congresses of next year and the year after that they know what is right and wrong then the American people will win.” I find it unfathomable that members of Congress do not already know what is right and wrong with the way they conduct the business of our Country for their own personal gain.
Our goal now as voting members of this Country must be to elect representatives who will conduct the business of our Nation responsibility, ethically and following the Constitution when presenting legislation. Our nation is in peril as we continue to spend 42 cents out of every dollar that we don’t have. The insanity must stop in Washington relatively soon. If we do not elect officials with the interest of the nation ahead of their own we will be a troubled nation.
We borrow 43 cents out of every dollar we spend right now. We borrow 4 billion dollars a day to continue down this path of self-destruction which doesn’t seem to affect most members of Congress as their re-election campaigns are more important to them. When you vote in the upcoming election, know your candidates and find out who will serve our nation instead of their self interests.