In case you needed reminding

 

We're all friends here, right?

We’re all friends here, right?

Congress and its aides are exempt from, even “absolutely immune to”  insider trading rules, as the Congressional Ways and Means Committee lawyer reminded a federal judge. So no records will be forthcoming from aide Brian Sutter, or his bosses.

  The SEC sought the subpoenas in an investigation testing the limits of federal insider-trading laws on whether the committee or staff members illegally passed on non-public information about a change in U.S. health-care policy. In seeking compliance with the subpoena demand, the SEC cited a 2012 law that requires public officials to keep confidential any non-public information about government matters that could move stock prices.

The regulator is investigating a spike in trading of health-insurance companies, including Humana Inc., ahead of a government announcement last year that increased, rather than cut, payments to health insurers. The SEC says it has evidence that Sutter “may have been a source” used by a lobbyist at Greenberg Traurig LLP.

The lobbyist disclosed the health policy changes to an analyst at Height Securities LLC who sent out an alert ahead of the government announcement, according to the SEC.

(If you want the full story of what went on with Sutter and the congressmen, see the WSJ article here.)

The huge publicity accorded insider trading cases on Wall Street is, in my opinion, merely a device to make it appear that the government is going after crooks when in fact it’s Congress itself that has been using such privileged information to enrich itself, for decades. What a surprise. As professor Reynolds points out, “It’s just a criminal conspiracy with the power to tax.”

11 Comments

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11 responses to “In case you needed reminding

  1. farrightwing@aol.com

    There are just too many Congressmen and Senators who are elected with little or no net worth and leave with a pile plus the pension. The IRS needs to do lifestyle audits on them. Ha! Fat Chance! They are all in the criminal conspiracy together and that means keeping reformers out, especially those pesky Tea Baggers, er, I mean Tea Party types!

  2. Cos Cobber

    Bingo!

  3. Anonymous

    Just another one of the myriad forms of government thievery and dishonesty.

  4. One might sometimes wonder whether we’d be better off with La Cosa Nostra running the show. At least they were business men who wanted their revenue sources to thrive, unlike the pinheads in Congress most of whom are just too stupid to grasp the impact the regulatory juggernaut.

    Yah, I was being faceticious about the mob bit.

    • They’re already running things, they just usurped the name, “Congress”.

      • Anonymous

        Does this mean you have erased the party lines and clumped them all together?

        • Mazama

          With a few exceptions, mostly in the Senate (e.g., Coburn (retiring), Sessions, Grassley (retiring)), I’d say “yes”.

          Still nothing new in this: ” It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress.”, Mark Twain in Pudd’nhead Wilson’s New Calendar

  5. Anonymous

    The Federal Government is a corrupt crime syndicate with the power to tax and enforce with violence.

  6. Walt

    Dude –
    This is scurrilous, salacious, offensive, obscene, unfair, and just plain WRONG. IBID!! IPSO FACTO!! PRIMA FACIE!! PASTA FAZOOL!!

    Congress has a 12% approval rating. 12%!! WHO ARE THE IDIOTS WHO APPROVE? I want to meet them, so I can say I have met the dumbest people on the planet. Not counting you, Dude.

    And anyone with a 12% approval rating should resign. GIVE UP!! Have at least a SHRED of dignity. You parasitic vermin. Not you, Dude. The politico’s.

    This government is so corrupt, so disdainful of the law, so oblivious of the people it was meant to serve, that it really is frightening. This illegal immigration FARCE is going to result in the THEFT OF A NATION!! BEFORE OUR EYES!!

    Did George Armstrong Custer die at the Alamo so we can just surrender Texas back to the wet backs? Did Martin Van Buren form the Democratic Party to see it be overtaken by a bunch of socialist THUGS? Is anyone not smart enough to realize that ANYTHING formed by MVB was a BAD IDEA?

    HE MARRIED HIS FIRST COUSIN, FOR PETE’S SAKE. Who was named Hannah Hoes, BTW. HANNAH HOES!! I LOVE IT!! But you can look it up. You just can’t make this shit up. I want to meet a Hannah Hoes. WHO DOESN’T!!

    Anyhows, how was your Fourth of July? Did you blow off any digits? Can you count to nine and let me know?

    Your Pal,
    Walt

  7. GreenITCH

    These comments in fact bring to mind our very own Chris Dowd ..