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Thu Aug 2, 2012, 08:20 PM

Congress closes loophole in stock trading law after CNN report

Source: CNN

(CNN) -- House Republicans have been forced to close a potential loophole on their much-touted insider trading law -- a loophole CNN uncovered and reported about last month.

Because of CNN's report, the Senate and House passed new legislation Thursday to close the loophole that could have allowed family members of some lawmakers to profit from inside information.

Senators who were critical of the loophole after it was unearthed applauded the fix.

The STOCK Act, one of the rare bipartisan bills passed this year, was signed by President Barack Obama in April.

Lawmakers proclaimed that the bill, officially called the Stop Trading on Congressional Knowledge Act, would restore trust in government. It also applied new rules to some employees of the executive branch.

Read more: http://www.cnn.com/2012/08/02/politics/stock-act-loophole/index.html

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Arrow 15 replies Author Time Post
Reply Congress closes loophole in stock trading law after CNN report (Original post)
Tx4obama Aug 2012 OP
aquart Aug 2012 #1
freshwest Aug 2012 #2
DCKit Aug 2012 #9
freshwest Aug 2012 #11
christx30 Aug 2012 #13
sharp_stick Aug 2012 #3
atreides1 Aug 2012 #5
quakerboy Aug 2012 #8
99th_Monkey Aug 2012 #4
elleng Aug 2012 #14
99th_Monkey Aug 2012 #15
Snarkoleptic Aug 2012 #6
stevedeshazer Aug 2012 #7
sinkingfeeling Aug 2012 #10
jonthebru Aug 2012 #12

Response to Tx4obama (Original post)

Thu Aug 2, 2012, 08:30 PM

1. Uh huh. What's the catch

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Response to aquart (Reply #1)

Thu Aug 2, 2012, 08:39 PM

2. Saves Eric Cantor's ass. This was one of the main accusations against him. The GOP noticed...

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Response to freshwest (Reply #2)

Fri Aug 3, 2012, 08:11 AM

9. It still doesn't make Cantor any less of a scumbag.

 

We're rooting for Powell.

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Response to DCKit (Reply #9)

Fri Aug 3, 2012, 12:03 PM

11. Question was: 'Uh huh. What's the catch.' Scumbag still needs to be shown the door!!!

I'm for Powell, as well... This is an important race.

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Response to aquart (Reply #1)

Fri Aug 3, 2012, 02:17 PM

13. Insider trading is illegal...

Unless you have a note from your mom or a doctor.

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Response to Tx4obama (Original post)

Thu Aug 2, 2012, 08:39 PM

3. That's got to piss off Cantor

it was his loophole. Anything that pisses off Cantor is well worth doing.

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Response to sharp_stick (Reply #3)

Thu Aug 2, 2012, 09:16 PM

5. Actually it was his wife's loophole

Doesn't she still work for a bank...just think of all the inside info she could have used to help fill her and hubby's pockets?

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Response to atreides1 (Reply #5)

Thu Aug 2, 2012, 11:12 PM

8. Dont you mean "continued to use"?

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Response to Tx4obama (Original post)

Thu Aug 2, 2012, 08:58 PM

4. OMG!! The 4th Estate actually does it's f*cking JOB?!?! Amazing

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Response to 99th_Monkey (Reply #4)

Fri Aug 3, 2012, 04:05 PM

14. Only after pointed out to them by others, I think,

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Response to elleng (Reply #14)

Fri Aug 3, 2012, 04:11 PM

15. True dat. ~nt

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Response to Tx4obama (Original post)

Thu Aug 2, 2012, 09:21 PM

6. What get's me is his assumption this could sneak by everyone.

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Response to Tx4obama (Original post)

Thu Aug 2, 2012, 10:49 PM

7. CNN sure has been slapping their own backs today.

"Because of CNN's report,..."

Self-congratulations, CNN!

That's what you do when your viewership ratings are tanking. They're throwing everything at the wall to see what sticks.

The Bill Bennett/Romney apologist diatribe they sent to my iPhone today has me on the verge of deleting their stinking news app.

CNN was so great back in the day. Now, they just could not possibly suck more.

No offense to you, Tx4obama. The story is good news, but CNN's claim that they are solely responsible is not journalism, it is self-promotion.

Slow clap to CNN.

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Response to Tx4obama (Original post)

Fri Aug 3, 2012, 09:47 AM

10. Did Rep. Cantor vote in favor of closing the loophole he wrote?

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Response to Tx4obama (Original post)

Fri Aug 3, 2012, 02:02 PM

12. This was a bill to fix the original problem.

Senators and Congresspeople were legally permitted to use inside information to invest and profit while it was against the law for everyone else. I originally was informed of this by a 60 minute report a year or so ago.
This episode was an amendment sneakily inserted into the bill that "fixed" the original situation.

These people made millions on inside deals for many years... very profitable.

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