Former NYC Mayor Ed Koch: Ban Congressional Insider Trading
Categories: Media
Ed says:
“Many voters also see members of Congress as knaves. Witness the recent piece on60 Minutes on CBS-TV about two weeks ago reporting on members of Congress who, while enacting laws bearing upon the stock market, used inside information — not available to the public — to purchase or sell stocks, making profits in the millions in some cases. Former Speaker Nancy Pelosi was alleged to be one such member. Apparently, members of Congress are not subject to insider information restrictions that apply to everyone else. It seems to me there is an easy way to prevent that abuse. Congress should require its members to place their stock portfolios in blind trusts, so members cannot use their insider information for themselves or others. Also passing whatever laws are needed to apply existing insider information rules to Congress, as well as the public.”
The full story is here.
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Mr. Schweizer,
Thow Them ALL Out is a great book that all Americans should read. We need more Americans to have your courage. We have all the laws we will ever need, but if no one enforce them what good are they. We need to Chang the Rules of Politics by helping control our politicians.
In “Throw them all out” you recommend several rules that might correct the insider trading or unfair use of information activities but your suggestions would require action by the people that are benefiting. Are there any historical lessons or current support that could be used to effectivly create a climate that would require the congress to live by all of the same laws we have to abide by.
Ed Koch is on the right track here, but his solution to the problem in Washington is to force congressmen to put their portfolios in blind trusts. It is made clear in your book “Throw Them All Out” that these blind trusts are not blind at all. Law for our lawmakers need to be significantly more strict.
This needs to be broadcast more often and through other sources as people are not getting this info. I would like to see these types of questions brought up in front of our elected officials and during debates. I say throw them all out and that the people of the US should file law suites against all officials who have misappropriated funds, abused their authority and took advantage of situations like this. Also the news media needs to get out of the officials back pockets as several of them have benefited from this. Hey News Media — get some _alls and tell the truth. PS any news person benefiting from this knowledge should be subject to the same as Martha Stewart.
Mr. Schweizer:
Picked up a copy of your book “Throw them all out” the other day. So far have read about 50 pages. This stuff kinda makes this old paleorepublican wanna puke! When my stomach settles down I intend on trying to read the rest, I’ll have to coordinate my eating and reading times so’s that I don’t get them too close together and repeat the barfing thing.
Your book seems to take up where former five term Congressman Cecil Heftel’s book “End Legalized Bribery” circa 1998 left off. Let’s see now, I’ll have to take my shoes off to figure this one, but isn’t that about 14 years ago that one of their own members blew the whistle on congress, yet nuttin’s changes?
Just how far back does this congressional scamming go anyway? At least to the Roman times perhaps?
Is there really a solution for this age old problem, short of the electorate waking from their long slumber that is?
Tom