THE CONGRESS INSIDER TRADING SCANDAL IS OUTRAGEOUS: Rep. Spencer Bachus Should Resign In Disgrace
http://www.businessinsider.com/the-congress-insid…-trading-scandal-is-a-disgrace-rep-spencer-bachus-should-resign-immediately-2011-11
What do you guys think about this?
People with far less power have been forced out over far worse without all of the facts having come forth. Bachus did what anyone in his position would. It's not the worst political scandal that has happened and it won't be the worst. If Clinton didn't get punished over his impeachment for committing adultery, do you really think anyone will get their knickers in a twist over this? Look, the only time people demand the heads of people is when it involves child abuse when not all the facts have come out (Thank you Mike McQueary for now saying you went to the cops and intervened to stop Sandusky well after the media witch hunt for Paterno that resulted in his firing was over). This will get shoved under the rug like everything else Congress does that's wrong.
He did nothing illegal. I don't think that any Congressman should be forced out over this, but I would like a ban on the practice passed.
Who's going to make it illegal....congress?
holy shit...NO WONDER PEOPLE JOIN POLITICS.. fucking christ.
The information he was privy to that was Material Non-Public Information. That is a direct violation of Reg FD, for which information presented by Treasury and The Fed, if I recall correctly, would fall under. The entire evolution of Reg FD and insider trading is all about MNPI. Assuming Reg FD applies here, when you can sit down with the Fed Chairman, discuss the markets per your congressional duties and then trade on that information then you have a clear cut violation. Otherwise, he did nothing illegal but was just a scumbag about it.
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