Stock Act Change Just Quietly Made It Easier For Top Federal Employees To Inside Trade
Who says nothing ever gets done in Washington? Swiftly and without fanfare, Congress and President Obama have made it easier for top federal employees to trade on inside information.
On Monday, Obama signed into a law a change in the Stop Trading On Congressional Knowledge, or STOCK Act, which was passed in 2012. The change, which was approved unanimously by Congress last week, means that top federal employees, including staffers on Capital Hill and in the White House, will not have to publicly disclose their financial holdings online. That requirement was part of the original STOCK Act, but its implementation had been delayed again and again by Congress. And now it's dead.
"President Barack Obama signs the STOCK Act with members of Congress on April 4, 2012. A year later, an important change to the STOCK Act was made much more quietly"
http://www.huffingtonpost.com/2013/04/1 … 00115.html
When will we stand up to government corruption?
Can government violate the laws they impose on us?
Yes they can!
What can be more corrupt than our elected officials having the ability to vote on laws that will benefit themselves financially! With no need to disclose this information to the people!
SEC Law: Insider Trading
What are the criminal penalties for insider trading?
It is the Justice Department and local United States attorneys' offices, not the SEC, that have the authority to bring criminal prosecutions. Under Section 32(a) of the Securities Exchange Act of 1934, as amended by the Sarbanes-Oxley Act of 2002, individuals face up to 20 years in prison for criminal securities fraud and/or a fine of up to $5 million for each "willful" violation of the act and the regulations under it. Only fines, not imprisonment, apply if the defendant can demonstrate "no knowledge" of the rule or regulation that is violated. Corporations face penalties of up to $25 million.
In addition, violators are usually charged with mail and wire fraud (which can lead to a sentence of up to 20 years in prison), more general "securities fraud" (up to 25 years in prison), and possibly even racketeering, tax evasion, and/or obstruction of justice. You can also expect civil penalties to result from the SEC's enforcement action.
Prison terms for insider-trading convictions have lengthened in recent years. According to The Wall Street Journal, from 2009 to 2011 the median jail sentence was 30 months, up from a median term of 18 months during the 2000s. From 1993 through 1999, the median length of prison terms was only just under a year.
http://www.mystockoptions.com/faq/index … 08C79F9E62
Of course, the American Justice department has no problem violating their oath to uphold the laws of the nation!
Congressional and Cabinet-level staff members are cashing in on their high power connections and regulatory knowledge by moving to Wall Street investment firms that often double, and in some cases quadruple, their paychecks.
http://www.breitbart.com/Big-Government … all-Street
Fascism on the rise!
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