by Nomad
Even though insider trading is a serious crime, until Obama, government officials were immune from prosecution.
New legislation was supposed to eliminate this oversight and it was supposed to be a major step in the right direction. It didn't quite work out that way.
Even though insider trading is a serious crime, until Obama, government officials were immune from prosecution.
Investigative journalist John Vibes, writing for the Activist Post, reported recently that less than two weeks before the economic collapse of 2008, several members of Congress took their money out of the stock market.
According to Vibes' sources, many top government officials and staff were given advance knowledge that market was about to melt down in secret meetings with the Fed and the Treasury Department. (For the full story, click on this link.)
With this information, they engaged in insider trading.
With this information, they engaged in insider trading.
It was revealed that Senator Shelley Capito and her husband sold $350,000 worth of Citigroup stock at $83 per share, just one day before the stock dropped to $64 per share. Another shady trader was Congressman Jim Moran, who had his biggest trading day of the year days after the secret meeting, sellings stock in nearly 100 different companies.
Two weeks is a lot of advanced warning. In Washington, as the collapse approached, politicians on both sides were more interested in saving their own skins than protecting the citizens.
Who Was and Wasn't Above the Law
However, the most amazing part of this tale is that, despite this use of privileged information for private benefit or at least, safeguarding, no laws were actually broken.
