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<DIV><FONT size=2 face=Verdana>What a bunch of whores. No worse. Ay least
whores give some service for your money.</FONT></DIV>
<DIV><FONT size=2 face=Verdana></FONT> </DIV>
<DIV><FONT size=2 face=Verdana>w.</FONT></DIV>
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<DIV><BR></DIV>
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<DIV style="font-color: black"><B>From:</B> <A
title="mailto:rforce2003@yahoo.com
CTRL + Click to follow link"
href="mailto:rforce2003@yahoo.com">Ron Force</A> </DIV>
<DIV><B>Sent:</B> Monday, November 14, 2011 1:04 PM</DIV>
<DIV><B>To:</B> <A title=vision2020@moscow.com
href="mailto:vision2020@moscow.com">vision2020@moscow.com</A> </DIV>
<DIV><B>Subject:</B> [Vision2020] Congress Inside Trading</DIV></DIV></DIV>
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<H1>How Members of Congress Get Rich Through 'Honest Graft'</H1>
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<DIV class="meta vcard"><SPAN class="autor fn"><A title="Dashiell Bennett"
href="http://www.theatlanticwire.com/authors/dashiell-bennett/">Dashiell
Bennett</A> </SPAN><SPAN class=pageviews>12,820 Views</SPAN> <SPAN
class="date updated">4:43 AM ET</SPAN> </DIV>
<DIV>A <EM>60 Minutes </EM>report on Sunday examined the ways that <A
href="http://www.cbsnews.com/video/watch/?id=7388130n&tag=contentBody;storyMediaBox">members
of Congress trade on inside, privileged information</A> to make
themselves rich — without breaking any laws. Even though many positions in the
federal government are bound by conflict of interest laws, Congresspeople are
exempt from insider trading rules and are perfectly free to make business deals
based on information they learn through their jobs.</DIV>
<DIV>The story is based on the work of Peter Schweizer, a researcher at the
Hoover Institution. (Others have been studying the issue. As Bloomberg's Lizzie
O'Leary and others have <A
href="http://twitter.com/lizzieohreally/statuses/135882736832483328">pointed
out</A>, <EM>The Wall Street Journal</EM> <A
href="http://online.wsj.com/article/SB10001424052748703871904575216491495135642.html">has
reported</A> on this issue <A
href="http://online.wsj.com/article/SB10001424053111904070604576514791591319306.html">quite
recently</A> and Megan McArdle dedicated her column in <EM>The
Atlantic</EM>'s November issue <A
href="http://www.theatlantic.com/magazine/archive/2011/11/capitol-gains/8692/">to
the phenomenon of "congressional insider trading."</A>) Schweizer and his team
have looked at financial transactions made by Representatives and Senators and
found that many, including the past three House Speakers, have <A
href="http://www.cbsnews.com/8301-18560_162-57323527/congress-trading-stock-on-inside-information/?tag=contentMain;contentBody">made
deals that appear to be based on non-public information</A> that they had access
to thanks to their position in Washington. Schweizer calls it "honest graft,"
since many people would consider it unethical, even though it's not
illegal.</DIV>
<DIV>Some times it's stock trades (John Boehner reportedly invested in several
health care stocks shortly before killing the public option in last year's
legislation) and other times it's simply making a well-timed business deal.
(Like when former Speaker Dennis Hastert secured an earmark for a federal
highway project that just happened to pass by some land he already owned. He
later sold the land for $2 million dollars.) Nancy Pelosi has participated in
eight IPOs, including some involving companies that had business before her
House. Schweizer says that giving a Senator or Congressperson pre-IPO shares in
a company is allowed under current rules, even though giving them an equal
amount in cash would be considered a illegal bribe.</DIV>
<DIV>A Pelosi spokesperson <FONT class=Apple-style-span
color=#0000ee><U>criticized</U></FONT><A
href="http://www.cnn.com/2011/11/13/politics/60-minutes-pelosi/index.html?hpt=hp_c2"> the
<EM>60 Mintues</EM> report</A>, though he did not actually deny the facts that
were presented.</DIV>
<DIV>The problem, of course, is that not only are these transactions perfectly
legal under existing law, the people who benefit the most are the ones who write
the laws. Naturally, most members of Congress don't seem eager to take away
these special benefits that can turn humble public servants into
multi-millionaires. </DIV>
<DIV>Meanwhile, when Wall Street insiders make similar moves, they end up in
jail. You can watch the entire <EM>60 Minutes</EM> report below:</DIV>
<DIV><BR></DIV>
<DIV>http://www.theatlanticwire.com/national/2011/11/how-members-congress-get-rich-through-honest-graft/44928/<BR></DIV>
<DIV><BR></DIV></DIV>
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