Corruption in Congress

Coincidence?
It's a fact that more Congressmen leave Washington with much more money than when they arrived. It's also a fact that their annual pay is $175,00. So how can they amass such huge wealth while serving Congress?

60 Minutes Breaks the Story
The TV show 60 Minutes points out that it is NOT unlawful for members of Congress to buy and sell stocks. However, because of this, many are becoming rich by employing "insider trading" to amass vast fortunes. They point-out that Congress has privy to non-public information on a daily basis. Many members of Congress use this information to enrich their personal wealth using their insider position. That's NOT against the law, but it's highly unethical!

Congress has daily access to non-public information, but are NOT included in insider trading laws. Guess who wrote those laws? Every other branch of the government is included in the insider trading laws - but NOT Congress, because they wrote the laws!!

Perks Aren't Enough
If you serve just one term of two years in Congress, you can retire with full salary ($175,000) and free medical benefits for life!

60 Minutes outlined numerous examples of how good financial things happen to powerful members of Congress. For example, IPOs (Initial Program Offerings) have profited Nancy Pelosi at least on eight different occasions. While working on VISA credit card legislation, Nancy bought 5000 shares of VISA at the initial price of $44. But of course, she felt that there was no conflict of interest. Two days later it was trading at $64. She sold it!

Pelosi says, "I'm not corrupt" even though she's involved in insider trading. This remark is similar to Richard Nixon's comment, "I'm not a crook." Political hypocrisy is unending. She is the perfect example of this corruption!

Corruption Realized
In 2004 new legislation was introduced as HR 1148 called the Stock Act. This legislation prohibited all members of Congress from trading ANY non-public information stocks. It only garnered 6 co-sponsors! That's DISGUSTING! The legislation died as soon as it was introduced because too many in Congress realized that their "golden egg" was at risk!!

Ask Congress
Why aren't the people who write the laws subjected to obeying those very same laws? If you're on the Banking Committee, you can trade bank stocks all you want. If you sit on the Defense Committee, you can trade defense stocks all day long - no problem. Too many in Congress have a mixed agenda. They are working on legislation for the country but they are also working on enhancing their portfolios.

Demand that the Stock Act be enacted and get Congress back to one agenda!