Discussion: GOP Aide's Subpoena In Insider Trading Probe Spooks Hill Staff

Discussion for article #224855

Cockroaches hate the light.

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“You’d be surprised at how often the administration, when they’re doing stuff, they give us a heads up. It’s often not more than a half an hour, but in a situation like this, clearly it can come back to bite.”

Wait, I thought the White House never shared anything with Congress due to their ongoing effort to cover up that whole Benghazi mess. You know, the most important event of the 21st century.

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The corruption is so blatant they don’t even realize they are doing it.

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It’s Obama’s fault. How dare he give Congress a head’s up so that this poor innocent staffer can warn someone so that hedge fund’s can profit?

Because when you learn something, and have 30 minutes to act on it, the first thing you do is call a lobbyist.

Edited for errors on my part…

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Simple solution - keep your mouths shut. Keep work separate from rest of your life. Think before speaking.

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So Congressional aides have been meeting with private industry lobbyists and disclosing sensitive information all this time?

I could cry salty tears.
Where have I been all these years?
Little wow, tell me now:

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I suspect insider trading by members of Congress and their staff is commonplace. No wonder, Chucky Grassley and his fellow insider traders are spooked at having to take personal responsibility for criminal activities.

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K Street lives off of these tid bits of information to manipulate the markets and influencing legislation. Somehow discussing your work with proven industrial spies is a bit different than with your spouse or coworkers.

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No kidding. Look, this is really not that difficult - if Sutter didn’t use the info to profit himself, he’s not guilty of insider trading, his pals are. And if he did, he deserves to be prosecuted. Either way, there seems to be a good likelihood that someone did so, and who else is going to investigate if not the executive branch? That’s their reason for existence, for crying out loud.

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“I think there are a lot of congressional staffers who speak on a daily basis with their friends and colleagues off the Hill, without thinking for a second about what that might do to the stock market.”

~snip~

None was willing to talk on the record because of the subject’s sensitive nature. The aides included those from both the House and Senate. Some of them worked for committees. Others for congressional offices.”

Smart enough to not talk on the record?

But so blindly ignorant-- they can’t restrain themself until after the financial aspect of an event passes to share with-- ‘friends in the private sector’?

Does Congress hire their aides and staffers from Booz-Allen?

jw1

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So did TPM forget to link it’s own article explaining why the staffer is being subpoenaed?

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And the thing is, according to one aide who’s following the case, some Hill staffers are routinely informed about policy announcements in advance. And they talk frequently with people in the private sector.

And those people then sell that political intelligence to investors.

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Need I say it again?

IOKIYAR

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IOKIYAC - It’s OK if you are a Congresscritter…

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They’re scared on the Hill because this is all part and parcel of what goes on in DC – a hive of scum and villainy if there ever was one.

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“use the info to profit himself” What about providing the information to people who would benefit, with the ultimate payoff being a well-paid job in the future?

I’m also intrigued about the “separation of powers” argument. You mean the House gets to call every janitor who ever worked at the IRS, but Justice and SEC can’t subpoena a staffer who may have engaged in a conspiracy to profit from insider trading? Really? Congresspeople and their staffers are indicted from time to time, by prosecutors working out of the Executive Branch. Is this the Imperial Legislature at work?

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Reminds me of the Hunter S. Thompson quote:

It is normally perceived as some kind of cruel and shallow money trench through the heart of the journalism industry, a long plastic hallway where thieves and pimps run free and good men die like dogs, for no good reason.

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“The bottom line is if you share information that ends up moving the market, regardless of your intent or who you shared it with, my understanding is that you’re potentially in violation of the law,” a congressional aide who has been monitoring the situation closely told TPM. “I think there are a lot of congressional staffers who speak on a daily basis with their friends and colleagues off the Hill, without thinking for a second about what that might do to the stock market.”

Huh, I guess then y’all should start giving it a thought.

Seriously this is B.S. I’ve worked in hi-tech and finance and every company has a non-disclosure. The finance companies in particular do not want you talking to anybody outside the office about your job since it can literally negatively impact their bottom line.

Understanding you have access to confidential information in your job and not blabbing it to your friends is run of the mill for many, many people. Congressional staffers need to step up their game or look for another line of work which isn’t so demanding of discretion if this is a problem for them.

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Amen to that.
As a designer in corporate positions-- I’ve found myself creating and producing documents and presentations which were at the heart of the secrecy during quiet periods prior to a company going public.

Never had to be warned.
I knew my future employment relied on my not ‘speaking to friends in the private sector’.

I have to assume that corruption has overgrown the institution-- if the underlings find it surprising to be subpoenaed-- for what is criminal for the rest of us to engage in.

jw1

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