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Congressional Insider Trading Ban Passes The Senate
A bit of additional selected info from this morning's WSJ print version:
"The political intelligence measure was introduced into the Senate version by Senator Charles Grassley, R, Iowa. The relatively new industry comprises hundreds of lobbyists, former congressional aides and others who scour Washington for tips about pending government actions that could affect stock prices."
[This provision]... "was opposed by Wall Street and it's Washington lobbyists, including the Securities Industry and Financial Market Association, which mounted an effort to kill it".
"Mr. Cantor, the Virginia Republican, said that his "strengthened and expanded" (sic) version of the legislation removes "provisions that would have made the bill unworkable, or raised more questions than they answered", referring to the political intelligence section."
Personal Comment: Senator Grassley tried to do the right thing here, backed by some Democrats. On the other hand, Eric Cantor sold out to Wall Street, also backed by some Democrats. Party lines didn't seem to matter when counting up the good guys and the bad guys on this one. As usual.
(As I have mentioned elsewhere, I believe that the WSJ news reporting is quite competent and well balanced. Not to be confused with the editorial pages.)
Reply to @Maurice: "As I have never seen the program that aired a few months back, I found his questioning of former Speaker Pelosi and her responses absolutely fascinating. Apparently many in the House did as well."
So, months ago you posted in my thread but do not remember the video linked there?
Comments
"The political intelligence measure was introduced into the Senate version by Senator Charles Grassley, R, Iowa. The relatively new industry comprises hundreds of lobbyists, former congressional aides and others who scour Washington for tips about pending government actions that could affect stock prices."
[This provision]... "was opposed by Wall Street and it's Washington lobbyists, including the Securities Industry and Financial Market Association, which mounted an effort to kill it".
"Mr. Cantor, the Virginia Republican, said that his "strengthened and expanded" (sic) version of the legislation removes "provisions that would have made the bill unworkable, or raised more questions than they answered", referring to the political intelligence section."
Personal Comment: Senator Grassley tried to do the right thing here, backed by some Democrats. On the other hand, Eric Cantor sold out to Wall Street, also backed by some Democrats. Party lines didn't seem to matter when counting up the good guys and the bad guys on this one. As usual.
(As I have mentioned elsewhere, I believe that the WSJ news reporting is quite competent and well balanced. Not to be confused with the editorial pages.)
So, months ago you posted in my thread but do not remember the video linked there?
http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/1547/60-minutes-congress-trading-stock-on-inside-informations/p1