Insider Trading by Congress – Just Criminal – AMAC

Call Congressional insider trading for what it is – not just deep hypocrisy, arrogance and abuse of power, manipulation of high office for personal gain, but something simpler – the public corruption, a crime. It’s time to call a spade a spade. Congressional insider trading is criminal.

House Speaker Nancy Pelosi (R-CA) is worth $114 million, much of which comes from private activities, including stock trades worth millions, by her husband. The timing of these exchanges, going back to events and information known only to Congress, creates a strong presumption.

Pelosi isn’t alone either. Congress is full of secrets, members are entitled to classified, internal, legislative and spending data that no one else in America sees, all without the need for a security clearance.

No record is kept of who sees what information, what that information might mean to someone who markets it clandestinely – through a family member, and then quietly pockets the illicit profits.

Worse, since Congress regulates itself on ethics and Democrats in Biden’s White House and Garland’s Justice Department want to retain power at all costs, no one is speaking out against public corruption.

The disgrace deepens, and the hypocrisy and criminality go deeper than many suspect. The main piece of legislation intended to tackle potentially rampant cheating in the stock market with insider data went nowhere, was backed by only 14 members, and was permanently frozen by Pelosi.

What no one will say is that members of Congress are participating in a criminal practice, and that already violates federal laws. Anti-insider trading laws apply both to company officers or employees, and to those who have received “non-public information”.

Laws such as “Rule 10b-5” specify that a crime occurs when a person – any person – “obtains a tip from a company insider regarding material, non-public information about the company, and exchange (i.e. buy or sell) the Shares or other securities of the company.”

For those who say this only involves a tip from the company itself, it is clearly not public policy being served. The idea is to prevent cheating, and where is that most important? This should matter more when there is public confidence. If we expect honest corporate trustees, we should expect more from Congress.

The “just a family member” trick is no excuse either. Insider trading by Pelosi’s husband — or any member of the congressional or presidential family — is still criminal. Thus, the above law notes: “This policy also applies to members of your family who reside with you, any other person who lives in your household, and family members who do not live in your household but whose securities transactions are directed by you or are subject to your influence or control, as well as trusts or other entities for which you make investment decisions.

Can the law be clearer? Pelosi and her husband, taking advantage of what they know – as the timeline strongly suggests – should be investigated, if at all prosecuted. The same goes for other members of Congress and staff, Republicans or Democrats, who trade on what others can’t — known information for the public good.

Other statutes apply – and yet the same Department of Justice intends to not enforcing laws designed to protect conservative Supreme Court justices, pursuing the politically motivated indictment of a former president and investigating conservative parents deemed terrorists, not investigate the Democratic House Speaker.

Ask yourself other questions, because they are relevant if the truth in government is relevant. How is it that only one bill expressly prohibiting insider trading by Congress has ever come before a committee? How come Bill only has 14 sponsors? How come past abuses are not investigated and prosecuted?

Excuses are no longer to be tolerated, the vapid privilege of illicitly taking advantage of the public trust remains unquestioned. Now is the time to honor the law – to make it clear that we expect honesty from public officials and to make it clear that no one is above the law, let alone those who are responsible for drafting it, to implement and apply it.

One wonders how the president and attorney general can sleep at night unless they think the end justifies the means, corruption is allowed, and non-enforcement of laws against partisan friends is somehow or another under their authority is acceptable. It is not, never was, and amounts to a tacit violation of their oath of office, opening the door to wider questions.

In other words, imagine your spouse or relative, or someone you live with, is responsible for picking the winning numbers for a local, state, or federal lottery – and now imagine them telling you those numbers. They don’t buy lottery tickets, but they know you can. You do it, you win and everyone loses. Fair?

The point is that we are slipping – as a Republic – into the realm of tacit agreement that crime at the top is acceptable, that public corruption is somehow a forgivable privilege for those in power. This is what the Soviet Union did, what corrupt dictators, legislatures, cabinet members, judges and their supporting minions are doing all over the world. This is NOT what America has ever advocated, advocated, allowed or tolerated.

What we need are honest public servants who are motivated to do the right thing, not corrupt presidents, attorneys general, executives or members of Congress who have decided that the law has no place. importance, that honor and honesty are dead and they have the right to do anything. go forward.

Conclusion: We are the guardians of this republic, and every day deserve honest representatives, in all three branches of the federal government – ​​and for that matter also in the state governments. If we cling to this republic, if we keep the Constitution and the rule of law as our rudder, it’s time to call a spade a spade. Insider trading by Congress — and taking advantage of power as vice president or president — is illegal. This type of betrayal – of the public trust – is not only inconvenient, inconvenient, frustrating, infuriating and reprehensible – it is a crime.

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Andrew B. Reiter