What do they call it when an insider gets info from another insider, and makes money on it?
57They used to call it a crime.
Our legislators are at it again. This yearly earnings report they have to fill out has just been chock full of eye openers. In this case we have one senator, Dick Durbin. Informed by Bernake and Paulson the legislators were told days before that the banks were in critical need of financial aid. They basically warned of the coming failure of the institutions and the coming stock market crisis. This was days before it was leaked to the news. Senator Durbin, somehow managed to sell off all his stocks in these troubled institutions, to the tune of $115,000. He immediately re-invested this into Berkshire hathaway, the warren Buffett company. So, how much would senator Durbin have lost if he had not had this knowledge? Anybody's guess, as the companys he held in were not made public. But if he's like the rest of America, he would have lost a lot. Any charges filed against the senator? Nope. Any investigations by the ethics comittee? Nope. Any negatives attached to it at all? None that he would care about. We can call them crooks til the cows come home, but if we keep re-electing them, what's the point? It's actually as if we expect them to use whatever info is at their disposal to enrich themselves. And my guess is that's because the vast majority of Americans today would do the same thing. Someday, someone is going to be accused of a crime in the legislature, and they will have to call in an outsider to explain to them what that is. The word isn't in their vocabulary.
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Comments
Tom: Nope, the haves will have more and the have nots will not have anything if it's up to them. Thanks for the comment
When Martha Stewart did it,big scandal and jail time.Is this what they mean when they say that the right hand doesn't know what the left hand is doing.
They should let their hands get to know each other better
I guess that's why they take with one hand and give with the other.
They don't want them to know what just happened. Reminds me of Pontious Pilate at Jesus Christ's Trial in jerusalem ,who after turning him over to be crusified washed his hands constantly forgeting what he had just done to an innocent man.
The sad thing about this whole situation Is that our officials no longer fear retribution , because no one Is held accountable ! Remember Nancy Pelosi from a month ago ?
And where is the great media on this.
I used to trust Foxnews, but they are not even here anymore.
Keep on Hubbing!












Tom Cornett says:
7 months ago
Good hub...we have such a double standard. This is so typical....from county commissioners taking kickbacks to legislators using information and selling their influence for profit. Is there no end?