Archive for December 13th, 2011

December 13, 2011

Is the Insider Trading Bill Being Sold Short By Washington Insiders?

by lewwaters

By Pete The Banker

A week or so ago, KPAM 860 Victoria Taft’s blog carried a story here, about Senator Gillibrand of New York who was attempting to amend the Insider Trading Bill proposed by Senator Scott Brown of Massachusetts to reinforce ability of your elected representatives to trade upon privileged information with impunity.

“The Democratic senator from New York has proposed a new version of a bill to outlaw insider trading by members of Congress that would, in effect, make it completely legal for members of Congress to engage in insider trading. In other words, it does the opposite of what it the bill intended to do,” stated CNBC

Now in the Republican controlled Congress, Republican Majority Leader Eric Cantor is attempting to delay the Congressional version of this reform proposal here. “Cantor reportedly said he blocked the bill to give Congress more time to examine the issue.” Some suggest this is merely a delay due to back room politics since Bachus did not check with Cantor before modifying the original legislation. Others feel the delay will effectively kill the bill.

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