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Discussion Starter · #1 ·
Good old insider trading. Nothing like being the senator in charge of legislation that will affect the industry in which you JUST fortuitously bought a HUGE amount of stock - totally coincidental, you see - and will now get even richer as a result, right?

If a private citizen were to do something along these lines, the SEC would have their head. Congress? Yeah, not so much.

http://www.theatlanticwire.com/poli...nt-give-its-insider-trading-privileges/47836/

:flipoff:
 

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This one actually completely blew my mind. I thought insider trading is illegal for everyone. Didnt know its still cool for congress and more so no one has made an attempt to make it illegal. :suicide:
 

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Not exactly shocking... remember that pipeline that just got killed?

Warren Buffett is a HUGE contributor to Obama.
Obama kills the Keystone pipeline.
Trains (Burlington Northern) have to carry the oil from Canada, instead of the pipeline.
Buffett's company, Berkshire investments, owns Burlington Northern.

~SoCo
 

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This one actually completely blew my mind. I thought insider trading is illegal for everyone. Didnt know its still cool for congress and more so no one has made an attempt to make it illegal. :suicide:
Oh there were some that proposed a bill to "fix that loophole". The bill has been tabled. Go figure. :D
 

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Not exactly shocking... remember that pipeline that just got killed?

Warren Buffett is a HUGE contributor to Obama.
Obama kills the Keystone pipeline.
Trains (Burlington Northern) have to carry the oil from Canada, instead of the pipeline.
Buffett's company, Berkshire investments, owns Burlington Northern.

~SoCo
and one of the largest companies down here.. berg pipe.. had the contract for the pipe itself and they have been pumping that pipe outta here for months.. now. its extra inventory.. the backlash from that will kill this area..

thanks barrack
 

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Oh there were some that proposed a bill to "fix that loophole". The bill has been tabled. Go figure. :D
Bills like that get tabled, but bills like the NDAA get passed 97-3 without issue.
 

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Discussion Starter · #11 ·
Not exactly shocking... remember that pipeline that just got killed?

Warren Buffett is a HUGE contributor to Obama.
Obama kills the Keystone pipeline.
Trains (Burlington Northern) have to carry the oil from Canada, instead of the pipeline.
Buffett's company, Berkshire investments, owns Burlington Northern.

~SoCo
That's fucked up


Vandy
That's politics.

Sadly.



^^ Summed it up nicely, I thought.
 

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Out of all the things congress gets away with, this irks me the worst.

The Ethics in Government Act requires me, a govt employee to file a financial disclosure report each year. The purpose of this form is to prevent conflicts. For example If I’m in the acquisition process on a “system” being developed, I cannot own stock in the company(s) producing it.

Should hold the same for congress. If I’m voting against a, for shitz and grinz, say an oil pipeline. I would need to fully disclose my holdings in SOLYNDRA and either recluse myself from voting or If I feel strongly enough, sell or transfer my stock and vote my convictions.

Makes no sense congress can fully engage in a practice both the SEC and the Federal government have severely punished private sector folks for doing.
 

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Discussion Starter · #13 ·
Out of all the things congress gets away with, this irks me the worst.

The Ethics in Government Act requires me, a govt employee to file a financial disclosure report each year. The purpose of this form is to prevent conflicts. For example If I’m in the acquisition process on a “system” being developed, I cannot own stock in the company(s) producing it.

Should hold the same for congress. If I’m voting against a, for shitz and grinz, say an oil pipeline. I would need to fully disclose my holdings in SOLYNDRA and either recluse myself from voting or If I feel strongly enough, sell or transfer my stock and vote my convictions.

Makes no sense congress can fully engage in a practice both the SEC and the Federal government have severely punished private sector folks for doing.
But you're in the lower class, i.e., the one without a seat in government. How dare you question your overlord, you insolent peasant??:shitstorm:
 

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CalmerThanYouAre
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CalmerThanYouAre
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This is the upper crusts version of cheating the system. It happens at the bottom with people cheating the welfare system too.
 

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Then there's the upper middle class' version of good 'ole boy scratch my back insider trading...
Plea deal for 1 in massive contracting fraud case

A former Army Corps of Engineers employee has agreed to plead guilty for his role in what prosecutors say may be one of the largest and most brazen frauds involving U.S. government contracts, court papers show.

Michael A. Alexander plans to plead guilty to charges of bribery and conspiracy to launder money, his attorney wrote in court papers, requesting a hearing as early as Monday.




Alexander, another Army Corps of Engineers employee and two other men were indicted in October on charges of participating in a $20 million bribery and kickback scheme involving the awarding of government contracts. Prosecutors said that Alexander, a program director, and Kerry F. Khan, an Army Corps program manager, received kickbacks in exchange for directing government contracts to a subcontractor specializing in software encryption devices and other information assurance technology.

The kickbacks paid for luxuries including properties, Rolex and Cartier watches, sports cars and hotel accommodations, prosecutors said.

The scheme, which authorities said spanned roughly four years, involved phony and inflated invoices for government contracts and millions of dollars in kickbacks that were funneled through a network of shell companies in the United States and around the world.

Also indicted were Kerry Khan's son, Lee, and Harold F. Babb, the former director of contracts for Eyak Technology LLC. Eyak Technology is a subsidiary of an Alaska native corporation with Virginia operations. It was the prime contractor for a five-year, $1 billion contract administered by the Army Corps of Engineers.

The two Khans and Babb have pleaded not guilty. Two officials with an EyakTek subcontractor — Nova Datacom — have already pleaded guilty.

It was not immediately clear whether Alexander planned to cooperate against his co-defendants, though his lawyer wrote that his client has agreed to plead guilty, "among other things," as part of a deal with the government.

Alexander's lawyer, Christopher Davis, did not immediately return a call seeking comment Wednesday. A spokesman for the U.S. attorney's office in the District of Columbia, which is prosecuting the case, declined to comment.


Read more: http://www.foxnews.com/us/2012/01/2...massive-contracting-fraud-case/#ixzz1kYztQqRX
 
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