In a new book, Throw Them All Out,Peter Schwiezer reports that former White House Chief of Staff Rahm Emanuel, while a congressman, sold up to $250,000 in Freddie Mac stock on February 21, 2003 days before it dropped by 10 percent — and weeks before it was publicly revealed that the entity was under criminal investigation for inflating earning, reports BI
Emanuel served on the board of the quasi-government lender before his election to Congress in 2003, and later held a seat on the House Financial Services' Committee's Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises — the committee charged with regulating the Freddie Mac.
The good news for Emanuel in all this is that there is no chance he will be headed to the slammer over this, members of Congress are exempt from insider trading laws.
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5 comments:
This story about many Congress People (and their employees) taking advantage of their political office to reap financial gains is despicable. They used inside information to trade and profit from others' demise. It is disgusting and all of US should be absolutely outraged.
I do not understand why any Americans remain who actually believe in the current political process. It is totally corrupt. The financial stock market is a rigged game. Ditto for the bond market. Ditto for the currency manipulation by all countries in the world simultaneously.
It appears to be a massive game of chess played out by insiders who have bought their way into positions of power. The regular people are doomed.
I truly believe the mafia has taken over capitol hill and wall street!
isn't this a case of insider trading. didn't martha stewart spend time in jail for a similar act?
7:29....it isn't "like a game of chess". It IS a game of chess. Moving this pawn here and another pawn there. We are the pawns and we are being moved from place to place in order to benefit the "kings" and "queens". This has been going on under the wire for amoe time. The sad thing is that now it happens right out in the open and nothing is done. I would say that those who marched in the tea party rallies and those who are protesting in the occupy rallies are doing so with good reason. The ruling elite are openly pushing the average, everyday American into a financial hole while they prosper. They effectively divide us along ideological lines and keep us fighting amongst ourselves. I would hope that the people are starting to wake up and see this for what it is. Most people recognize that their votes no longer matter. Whats next? Hmmmm. What do you think?
If you listen to conservative talk radio you would have know this already. For the real education you must read this -America's Ruling Clas and the Perils of Revolution by Angelo M. Codevilla from the July-Aug. 2010 issue of The American Spectator. It's long but well worth it. I printed it out so I can refer to it.
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