rickyp wrote:danivonOn politicians and insider trading - as insider trading is illegal anyway, of course politicians "can't" do it
Actually, they can. They are exempt from insider trading laws....A 60 Minutes report on Sunday examined the ways that members of Congress trade on inside, privileged information to make themselves rich — without breaking any laws. Even though many positions in the federal government are bound by conflict of interest laws, Congresspeople are exempt from insider trading rules and are perfectly free to make business deals based on information they learn through their jobs
http://www.theatlantic.com/magazine/arc ... ns/308692/
this is an inddepth article on the astounding legal loophole
Well, I hope this is not a surprise! Of course, Congress rigs the system as much as they can, while pretending to look out for our interests. But here is another angle at how duplicitous and self-serving our elected officials can be (at local, state and federal levels, all at once):
One of thousands of NPOs in our State has recently come under fire for financial mismanagement by its CEO, Bill Davis, who is charged with spending NPO moneys on lavish cruises and vacations, gifts, personal perks, etc., even getting a so-called "loan" from the NPO's own budget to buy a new car (his annual salary is over $200K). Apparently, other Board members profited from this lavish spending. The NPO was created to provide financial assistance to low-wage families to help pay for utilities, rent, etc. There are other improprieties that have been placed at the feet of this organization conducted in an audit by the State's Dept of Human Services. Apparently, there have been issues going back as far as 1997, based on a whistle-blowing State Senator.
When asked about the propriety of taking a paid-for trip to the Bahamas, CEO Bill Davis said it was " for a Ben & Jerry’s franchise convention to speak about running a youth training program out of an old Ben & Jerry’s on Washington Avenue". He brought along his fiance, which was also paid for, because "My board had provided a provision that allows me to take a family member on one trip a year to promote family.” Not yet married, but she qualifies as family.
We've all seen this type of behavior before. Here is where it gets appalling: the Board of Directors had several "celebrity" members, including one US Senator, one State Senator, and the President and Vice-President of the Minneapolis City Council. What was their role in this? They never attended any meetings! They all appointed de facto proxies to stand in for them, and those proxies apparently never bothered to keep the politicians updated. After this audit was published, these professional politicians suddenly "resigned" from the Board they never sat on, publicly casting stones at the CEO, saying they had NO IDEA this was going on (at least THAT was the truth), calling for investigations and running as far away and fast as possible. But not accepting responsibility. of course.
All of these politicians and the CEO belong to the same political Party. Of course, this state (Minnesota) has been a largely one-party government at state for the past several years and is likely to continue, in spite of scandals like this.
Big Irony (if we wish to give it that much stature): This political Party is well-known for harping on how focused they are on helping the poor, the oppressed and the down-trodden, going after those corrupt rich boys in the GOP. These duplicitous politicians got to enjoy bragging on their resumes and in their many fund-raisers how they are keyed in to the local needs of their people, how they were (modestly) doing their part to help. Help themselves, of course. And our governor - also the same Party - is a Rich Boy who inherited all of his wealth (to his credit, he does not flaunt it).
That early whistle blower from 1997 also belongs to the same political party, by the way. Now, I'm certainly NOT trying to say that only one Party is capable of corruption and hypocrisy (though hypocrisy seems to be an ongoing characteristic of this Party). It is quite ironic that this happened to involve a non-profit organization designed to help the kind of people who usually feel compelled to vote for these scoundrels. It might have happened to the other main political party, the one that is usually blamed for being insensitive to the poor. But it did not, this time.
This happened, I think, because the voters here were foolish enough to believe that a one-party government would be an honorable, care-giving, people-oriented, tree-hugging government run by politicians of Their Party But what have we all learned? All parties and politicians have the same - or similar - goals. And they have nothing to do with the people who elect them to office. And it will be a cold day in Hell before any of the self-serving politicians who lent their names (but not their concern or responsibility) to this organization face a day in court or resign from their office from shame.
George
http://www.startribune.com/local/minnea ... 97731.html
http://www.startribune.com/local/blogs/277224892.html
http://blogs.citypages.com/blotter/2014 ... candal.php
And for some really grisly details of self-serving corruption:
https://nonprofitquarterly.org/governan ... polis.html