Did you know that Congressmen and Senators can make a profit on the stock market while in office? Not only that, but they also get insider information and initial stock option IPOs resulting in a large windfall of income while in public service. Something about this doesn’t seem right at all. This is only considered legal because Senators and Congressmen created the law to exclude themselves, and that also excludes family members of those in political power, staff and aides who also benefit from insider trading. Those in Washington D.C. need to remain true to their calling of serving others and not focused on making a profit. We need to hold them accountable to the American people because the job they hold is for the common good and not for personal gain.
60 Minutes recently highlighted the abomination in which Congressmen and Senators are able to create laws which apply to all Americans and then not be held responsible to follow them; particularly pertaining to the rule of insider trading. It was amazing to see how many when they were quoted said they had a financial advisor take care of their investments, so there was no way for any corruption. However, their financial records told a story all their own.
A problem arises when the checks and balances of a system no longer apply to those who oversee others. The privileges and knowledge that Senators and Congressmen get behind closed doors is something that is extremely unfair when used for personal gain. The men and women of the government need to remember why they are in office: for the American people. Their job is not one of self-service but instead meant to be one of public-service to us, the people.
I think the problem needs to be fixed by putting the Congressman’s and Senator’s stocks in a blind trust while in office and up to a year after.
I 100% AGREE…Every time I read something about these leeches making three and a half times the pay of the average American worker, or taxpayers paying them a base salary of $174,000 ($285,000 when benefits are included), or their illegal, but “legal” stock market tactics, it infuriates me. Yes, their approval ratings are at an all time low, however, “We the People” keep re-electing the same Reps and take not action to keep them on the straight and narrow.
ReplyDeleteRecently I wrote a letter with an attachment to three different individuals, Michael McCaul (my U.S. Representative), Senator Kirk Watson (my Senator), and Mark Strama (my State Representative) concerning this same issue. I asked them to explain to me how can this be possible? How can congress profit from an activity that has been deemed unlawful to the public? That’s like saying the police can arrest me for a crime, but they cannot themselves be arrested for that exact same crime. Am I being punked, because this is totally bogus? Disgraced lobbyist Jack Abramoff went to jail for all kinds of corruption within Congress, however, he contends that it is still running rampant, so what was the point of him going to jail again (besides making him an scapegoat)?
Although I have not heard back from either office, I will continue to write until I get some kind of answer. It is absolutely absurd that this type of behavior is allowed to continue while we struggle daily to pay for college, to find jobs, to feed our families, and or to just LIVE!!! It is as if Congress lives in a bubble and has absolutely no concern or interest in the American peoples’ reality. I keep saying, instead of protesting Wall Street, or hating the President, we should direct all this anger toward Congress. They should be held accountable, they should be protested against, they should be ostracized from our communities, not the other way around. However, the sad part is I have a sneaky suspicion that Congress is fully aware that we will not do anything, but talk.
This blog post and attached article go hand in hand with my post on the payroll tax cuts for the middle class. It's an ideal depiction of what is wrong with our government and our economy and why the situation continues to get worse, rather than better. The ability to make such a law, excluding themselves from being included in the laws that prohibit insider trading is appalling and yet not all that shocking. It's just what I would expect from a greedy corporate company and it's the reason people have taken to the streets in protest of Wall Street. People are fed up with companies continuing to rob us of our prosperity. The ditch they keep digging is only making a more apparent line between the wealthy and the not wealthy and is all but eliminating the middle class.
ReplyDeleteI'm so pleased to hear that people like Nakeisha are taking such an active role in voicing their opinions. We have the ability to be the change we want to see in the world but all too often people forget that or are easily discouraged. This next decade will truly prove to be an interesting one to say the least.