Monday, July 13, 2009

Eyewitless News

I thought that insider trading was already illegal. Apparently not so for our elected officials.

From the Newsmax story:

A 2004 study by Georgia State University showed that U.S. senators got returns on their investments that were about 25 percent higher than what average Americans earned.
The latest congressional disclosure reports this spring showed that lawmakers, including those sitting on the House and Senate committees overseeing the financial bailout, had substantial holdings in the big banks that received rescue funds.
The bill proposed by Democratic Reps. Louise Slaughter of New York and Brian Baird of Washington would require lawmakers and their staff to disclose within 90 days the purchase or sale of stocks, bonds or commodity futures exceeding $1,000, except for transactions in blind trusts or mutual funds.

This answers the question as to how a politician can be middle-class when elected and retire (or be voted out) a millionaire.

And, it explains why stimulus money has gone to rescue the bankrupt financial behemoths rather than to provide help to ordinary Americans who have been victimized by the financial behemoths.

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