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House Committee Cancels Vote On Insider Trading Bill After Leadership Flips Out

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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 09:39 AM
Original message
House Committee Cancels Vote On Insider Trading Bill After Leadership Flips Out
Source: Business Insider

House Committee Cancels Vote On Insider Trading Bill After Leadership Flips Out
Zeke Miller | Dec. 8, 2011, 8:20 AM


The House Financial Services Committee canceled a scheduled "mark-up" of a bill to ban congressional insider trading last night, amid concerns that the committee's chairman, Spencer Bachus, was moving forward with the bill to take the heat off his personal political troubles.

Bachus' trading habits during the financial crisis were featured in a '60 Minutes' profile last month as an example of potential insider trading on the part of lawmakers. He's denied those allegations, and seized upon the trading ban called the STOCK Act to rebuild his image.

Bachus announced last night that he was postponing the vote indefinitely to allow for further consideration of the bill.




Read more: http://www.businessinsider.com/house-commitee-cancels-v...
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Uben Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 09:51 AM
Response to Original message
1. In other words....
...he has some good inside info to make money on before going ahead with it. We should have the death penalty as a punishment for corrupt politicans. Six months at club fed just isn't a good enough deterrent.
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russspeakeasy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 11:26 AM
Response to Reply #1
6. No to the death penalty...just take away ALL their perks, put their
net worth back to when they came to office and make them live on $25,000 per year.
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diane in sf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 05:57 PM
Response to Reply #6
8. Too good for them, make them work at Walmart and live in a trailer.
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 10:56 AM
Response to Reply #1
10. Thay shoot those fuckers in China. eom.
Edited on Fri Dec-09-11 10:56 AM by Hotler
And make their family pay for the bullet.
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NBachers Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 10:02 AM
Response to Original message
2. Uh Oh, Sphincter Bachus plays Save-Ass
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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 10:04 AM
Response to Original message
3. Good that its been held up, as work has to be done on House + Senate versions;
lots of technical, legal and language issues to be worked out, can be done expeditiously with consultations, but not instantaneously.

GOOD on Cantor!!! (Can't believe I said that!)


'It was House Majority Leader Eric Cantor, acting on behalf of committee chairmen, GOP leaders, and rank-and-file members of both parties on the Financial Services Committee, who made Bachus pirouette.

In a Wednesday meeting described by one source as "extremely direct" and as "very blunt" by another, Cantor ripped into Bachus, explaining that it was unacceptable for Bachus to mark up the bill without running it by GOP leaders and other chairmen with jurisdiction over its provisions.'



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stockholmer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 11:18 AM
Response to Original message
4. a withering pox on both these insanely corrupt parties if they dont end up banning this
Edited on Thu Dec-08-11 11:19 AM by stockholmer
:argh:
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avaistheone1 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 11:24 AM
Response to Reply #4
5. K&r
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 02:21 PM
Response to Original message
7. Cantor shorted America during the debt ceiling kabuki. I hope he lost a lot.
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alp227 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 08:27 PM
Response to Original message
9. OF COURSE THEY WOULD! Protecting their own interests.
Can Obama not create a ban through an executive order?
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 10:59 AM
Response to Reply #9
11. Obama doesn't have the balls even if
he could use executive order
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