Monday, November 14, 2011
How the Political 1% Get Rich
Yeah, Senators and Congresspersons can participate in insider trading. Stuff that would get you and I put in prison.
The problem with cases in which lawmakers, like Boehner and Pelosi, simply deny the allegations, is that the Securities and Exchange Commission doesn’t have the power to look into the reports of insider trading, Schweizer said.
“If you were a corporate executive and there was a pattern of stock behavior linked to inside information and you just told the SEC, ‘I don’t do it,’ the SEC wouldn’t just walk away,” he said on CBS. “The SEC would actually look and investigate and see if there is a link, and that’s what I think is troubling here — the SEC simply doesn’t have the authority or the power to go in and look and see, there is this interesting pattern linked to your legislative activity. Was there communication that took place that made this pattern exist?”
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