House panel opposes giving SEC documents for insider trading probe

Comments (35)
rip wrote:

If you’re not seated at the table…

All this insider/business/capitolhill scratch mine and I’ll scratch yours. 99.9% aren’t part of this cohort. Yet that same 99.9% pays 99.9% of the taxes that funds these shenanigans.

You are the meal.

Jul 04, 2014 5:38pm EDT  --  Report as abuse
donincardona wrote:

oh so the president has to comply with ALL documents but the house doesn’t. yes you do have to and the hammer needs to get slammed on congress.

Jul 04, 2014 6:05pm EDT  --  Report as abuse
gocartmozart wrote:

Republican business as usual.

Jul 04, 2014 6:57pm EDT  --  Report as abuse
Amwatching2c wrote:

GOP Crooks? Tell me it’s not so.

Jul 04, 2014 7:36pm EDT  --  Report as abuse
Kahnie wrote:

What’ good for the goose is good for the gander, unless the gander is Congress. Pathetic. Corrupt and rotten.

Jul 04, 2014 8:25pm EDT  --  Report as abuse
edgyinchina wrote:

Republican members don’t want it made public because they are hiding their shenanigans under the ‘Constitution’….

Jul 04, 2014 9:27pm EDT  --  Report as abuse
kaw19602 wrote:

So what’s Congress hiding. Trying to protect their funders???

Jul 04, 2014 9:42pm EDT  --  Report as abuse
carnivalchaos wrote:

Man, the corruption and double standard have reached unbearable heights. Can our corrupt Congress really just say no to being thoroughly investigated when it appears they’re breaking the law? And yet the Republicans have launched 9 different investigations into Benghazi, where Republicans are alleging that the Obama Administration’s initial summation of the attack appeared not to be accurate. But then after the guy behind the attacks was captured, for which once again Obama received zero credit, we find out from him that the Obama Administration’s original hypothesis was correct, that the attack was in response to the American film that was made insulting Allah. And as usual, most Americans have heard the Republicans challenging the President’s credibility on Benghazi again and again, but very few have heard that Obama was proven to be correct. Again, the MSM do a poor job of informing the public.

Obama wasn’t even accused of breaking the law, yet the Republicans can investigate him all they want. And here the Republicans appear to have broken the law, but they’re saying “no” to a proper investigation. Imagine what the Republicans would have put Obama and the country through if Obama had done what Bush did regarding the Iraq War. There were so many serious lies told in order to get the country snookered into supporting the war. Obama would have been impeached and behind bars. Bush doesn’t even get investigated. And Republicans like to pretend that they care about the Constitution. They’re destroying this country.

Jul 04, 2014 10:49pm EDT  --  Report as abuse
kehenaliving wrote:

NO WONDER EVERYBODY THINKS CONGRESS IS A BUNCH OF CORRUPT CROOKS……THEY ARE!

Jul 04, 2014 11:12pm EDT  --  Report as abuse
xyz2055 wrote:

Folks I’ve been saying it for years. Congress IS the problem in this country. Presidents come and go. These guys stay in office for decades.

Jul 04, 2014 11:32pm EDT  --  Report as abuse
Greenspan2 wrote:

Since Congress has not only been bought out by the financial industry, it is no surprise that a Congressional panel would obstruct justice to protect insider trading, particularly since congressional members engage in it themselves.

Jul 04, 2014 11:43pm EDT  --  Report as abuse
onetaxpayer wrote:

Justification for a constitutional amendment to follow the laws that they make for the rest of us. Insider trading is not lawful. At one time Congress agreed to this but found a way around the law.

Jul 04, 2014 11:49pm EDT  --  Report as abuse
Rhino1 wrote:

I have said it before and I say it again: I don’t get it.

Several times a year we watch on TV how innocent children get killed in some school by some mad man.

Why don’t these nutters at least take someone out who’s bad to the bone anyway, like corrupt members of congress?
Is it because all these goons on capitol hill/wall street etc. have bullet-proof cars? Surely that can’t be it.

Jul 05, 2014 5:15am EDT  --  Report as abuse
Bakhtin wrote:

The House Ways and Means Committee. The same bunch of clowns that are investigating the IRS. The same bunch of clowns that were making such a drama about the IRS not providing Lerner’s five-year-old emails, now refusing to hand documents to the SEC.

Right-wing hypocrisy is breathtaking.

By the way… were are all the righties who were making such a song and dance about Lerner? Why aren’t they in here saying the same things about the Ways and Means Committee? I think we all know the answer to that…

Jul 05, 2014 6:47am EDT  --  Report as abuse
cheeze wrote:

I’ll say it again, “Congress is a group with no shame”, they should all resign, their approval rating is embarrassing.

Jul 05, 2014 7:51am EDT  --  Report as abuse
Margaretville wrote:

If there is something that needs hiding then don’t cooperate with the SEC. That way if someone has broken the law and gained unfair advantage and made lots of money behind the scenes then the rest of those persons who abide by the law and play the game fairly won’t know. How novel.

Jul 05, 2014 7:57am EDT  --  Report as abuse
michaelryan wrote:

Foolish Americans. you fled royal tyranny when you left England and you still have Royal tyranny…. Instead of the king it’s now your own elected officials who are just puppets to wall street. your new tyrant is your banker…

Jail time for a banker?? Jail time for a cohort… never…

“grab that cash with both hands and make a stash”"”

Jul 05, 2014 9:43am EDT  --  Report as abuse
JustProduce wrote:

For those who do not follow financial markets this may seem political. But the reality is that this happens all throughout Congress and at both sides of the isle. How else could it be explained that a person who has a clear lack of understanding of finance and economics, let alone any technical analysis know-how, could time trades better than most pit-traders? Pelosi’s record is just incredible. She has made a fortune from timing trades perfectly. There isn’t a single person in the financial markets who could get away with such a record. But he worst part is that even Congress’ temporary helpers score big on their trades.
This is not about the GOP. It is about all politicians breaking the law that they wrote for us to follow.
I am all about having the highest level of transparency from them (democrats and republicans). And why not? Every bit of my professional work is highly scrutinized by regulators already. It would just be fair for politicians to step up like we have.

Jul 05, 2014 9:49am EDT  --  Report as abuse
Statistician wrote:

@beofaction. Timing is everything. Public information becomes that once it is announced… it only takes a few minutes lead to set up positions that pay off well. Within the last dozen years, a couple of traders in Treasury securities made a killing when they learned that the 30-year bond was going to be suspended. As I remember, they only needed about 8 minutes lead time to set up their positions. I believe jail time was their eventual reward.

I would look carefully at the timing of all these things: public announcement, market orders, telephone calls.

Jul 05, 2014 10:12am EDT  --  Report as abuse
bbazz wrote:

The SEC protects consumers and investors (We The People). If the elected leaders are not guilty there should be no issue with the subpoena. No elected official is exempt from the law – no matter what they might think. This is not a matter of national security – this is a matter of alleged impropriety. If you’re not guilty – comply and clear your name(s).

Jul 05, 2014 11:23am EDT  --  Report as abuse
carnivalchaos wrote:

JustProduce: You’re half right. This isn’t just about the GOP. It’s about both sides of the aisle. However, the Republicans could fix this tomorrow, if they wanted to. They won’t.

Jul 05, 2014 12:33pm EDT  --  Report as abuse
foiegras wrote:

I think this is good way to run the government – a revolving door between Congress and lobbying firms that represent corporate interests. You go in the door to the House. You make millions peddling influence. Then walk out the door and make more millions working as a lobbyist or sitting on the board of a major corporation. That’s what made America great!

The just the free market working freely, efficiently, unencumbered by rules and regulations which are “job killers” (lobbying jobs) and undermine the economy. Long live the ideology.

Jul 05, 2014 12:37pm EDT  --  Report as abuse
carnivalchaos wrote:

beofaction: “If the agencies mentioned announced the rates, they were public information which means there was no insider trading!

Brilliant! For future reference, you might want to finish reading the article before commenting. It’s all in the timing. If members of Congress share the information BEFORE it is made public and then people trade based on that information, that’s insider trading.

“In previous court filings, the SEC said Hayes spoke with Sutter the same day that the Centers for Medicare and Medicaid Services announced reimbursement rates for the Medicare Advantage program.

The regulator said Hayes then emailed the brokerage firm Height Securities, which shortly afterward sent its clients a “flash alert” suggesting the deal could help insurance companies such as Humana Inc (HUM.N) and Health Net Inc (HNT.N). Share prices of both companies jumped after the report was issued.”

So why not hand over the files? This will clear up the issue immediately. The only reason for not handing over the files is because Sutter broke the law.

Jul 05, 2014 12:44pm EDT  --  Report as abuse
Robert76 wrote:

Let me see if I have this correct. The Republicans in the House have launched how many witch hunts trying to find something to stain President Obama, but they refuse to have their “books” examined. Republicans in the House – Either hand over the documents or start one of your famous hearings on yourselves.

Jul 05, 2014 1:38pm EDT  --  Report as abuse
The_Traveler wrote:

I think this a great opportunity for the Democrats to pay back the Republicans. Would love to see a Congressional panel with 7 Democrats and 5 Republicans created to investigate these “allegations”.

Jul 05, 2014 1:48pm EDT  --  Report as abuse
JustProduce wrote:

@carnivalchaos
That is what I said. Both sides break the law.
If we only stopped the partisanship and realized that we are Americans before being democrats or republicans, we would not allow it from happening.

Jul 05, 2014 2:12pm EDT  --  Report as abuse
carnivalchaos wrote:

The_Traveler: Indeed. With the Republicans it’s ALWAYS a double standard. Can you imagine what they would have done if Obama had done everything Bush did to drag us into the Iraq War, all the lies, the coercion, the squandered revenue, the missing funds, and of course the 4,500 US soldiers who gave their lives? Obama wouldn’t just be impeached. They wouldn’t stop until Obama was behind bars. Now, Bush, on the other hand… that’s different. With Bush it was okay because, after all, he’s a Republican.

Jul 05, 2014 2:14pm EDT  --  Report as abuse
111Dave111 wrote:

A U.S. House of Representatives panel said on Friday it should not have to comply with a federal regulator’s demand for documents sought for an insider-trading probe involving the staff director of a subcommittee and a lobbyist.
The House Ways and Means Committee argued in a court filing that U.S. District Judge Paul Gardephe in New York should deny the Securities and Exchange Commission’s attempt to subpoena documents from the committee and its healthcare subcommittee staff director Brian Sutter. The SEC went to court June 20 to enforce subpoenas it issued as it sought information related to a probe into whether Sutter leaked material nonpublic information about Medicare reimbursement rates.

Missing from the story “Apr 22, 2013, Washington, D.C. – Congressman Dave Camp (R-MI), Chairman of the House Ways and Means Committee, announced Brian Sutter as the new Staff Director of the Committee on Ways and Means Health Subcommittee. [..] Sutter will counsel Camp, Health Subcommittee Chairman Kevin Brady (R-TX), [..] Camp said, “Brian has been an integral and dedicated member of my staff for over 10 years and I am honored to have him serving as the Staff Director to the Committee on Ways and Means Health Subcommittee.”

Jul 05, 2014 3:02pm EDT  --  Report as abuse
carnivalchaos wrote:

JustProduce: Just to be clear, I was referring to this comment of yours: “This is not about the GOP.” I said that was half right.

You’re right, we have to stop the partisanship. But things have fomented so pervasively in this country that simply saying we need to stop the partisanship isn’t going to work. Just a few years ago for the first time in history, the President of the United States was called a liar in front of the world. No President in our history has been so overtly disrespected as Obama has. There have been so many lies spread about this President, and the Democrats just aren’t playing the same game toward the Republicans. Republicans just plain aren’t going to work with this President. And I don’t think it will be much better if another Democrat wins the White House. Democrats supported Bush on approximately 40% of his initiatives. Republicans have supported Obama on about 5% of his. Simply put, the Republicans are wanting Obama to fail.

Yes, we need a government that’s willing to work together. But let’s not make the mistake of saying that both sides are equally at fault. That only gives cover to that side that really isn’t interested in any kind of compromise with the opposing side. There’s not much the Democrats can do when Republicans run their campaigns on the promise not to compromise with Obama and the Democrats on anything.

Jul 05, 2014 3:23pm EDT  --  Report as abuse
111Dave111 wrote:

“Sutter leaked material nonpublic information about Medicare reimbursement rates to Mark Hayes, a lobbyist at Greenberg Traurig LLP.”

In January 2001, lobbyist Jack Abramoff left Preston Gates & Ellis to join Greenberg Traurig. Abramoff brought a book of business then worth more than $6 million annually to Greenberg Traurig, according to his own estimates. At the firm he assembled “Team Abramoff,” a lobbying team that was involved in the Jack Abramoff Indian lobbying scandal and the monetary influence of Jack Abramoff. A Greenberg spokesman said that its federal lobbying revenue in 2005 was 1 percent of its total revenues of $860 million.
In 2000, before Abramoff joined the firm, Greenberg had $3.3 million in lobbying fees. After he joined in 2001, the firm took in $16.2 million in fees. By 2002, that number jumped to $17.7 million, and $25.5 million by 2003. The firm became one of the top 10 of Washington lobbying firms, moving from 16th place to fourth, according to the National Journal.
In early 2004 Greenberg Traurig fired Abramoff and subsequently received praise from federal investigators and members of Congress for its cooperation in the Abramoff investigation, according to the ABA Journal.
On July 12, 2006, the Alabama-Coushatta tribe filed a federal racketeering lawsuit against now-convicted Abramoff and his cohorts. Greenberg Traurig was not a named defendant. Its lawsuit states that “There was a nexus between Greenberg, the enterprise and the pattern of racketeering.” According to the suit, internal Greenberg e-mails showed that Abramoff associate Michael Scanlon, although not a member of the firm, “billed hours to tribal clients through Greenberg and that members of the law firm, including attorneys Kevin Ring, Shawn Vasell, Stephanie Leger, Todd Boulanger and others, fabricated hours and time entries for Scanlon.” The suit also says the firm allowed checks sent by the tribe to a bogus Abramoff-linked think tank to be funneled and cashed through Greenberg Traurig.

Jul 05, 2014 3:32pm EDT  --  Report as abuse
111Dave111 wrote:

Greenberg Traurig, LLP, Health-care lobbyist Mark Hayes sent an email predicting the change to a Washington-based investment-research firm shortly before the announcement on April 1, 2013. Mark Hayes is a lawyer and pharmacist with more than 20 years of federal and private sector health policy experience. Prior to joining Greenberg Traurig, he served for four U.S. Senators (Grassley, Bond, Snowe and Jeffords), including more than seven years as Health Policy Director and Chief Health Counsel for the Senate Finance Committee republican staff for Chairman/Ranking Member Grassley. In this role, Mark was responsible for leading the policy development, political strategy and legislative drafting for health care issues and negotiating with the White House, U.S. Department of Health & Human Services (HHS), Centers for Medicare & Medicaid Services (CMS), and the House of Representatives.

Jul 05, 2014 3:41pm EDT  --  Report as abuse
chuck2 wrote:

It would seem the elite in our most useless congress ever are now going to fully legalize their “grand theft congress”. Amazing that ever time we feel these crooks and their robber baron owners cannot get worse, they find creative ways to make us wrong. So if they do not have to furnish data and ignore requests for such, while it has been congress seeming “duty” to be for sale, now they want to legalize it. Cannot blame them, as a divided dumbed down nation, that questions the other “side”, more closely then their own, has only self to blame, and as we see now, contribute to lower wages and sharp decrease in real wealth. The dumb down of nation is now at record levels, only matched by corruption of elected and judicial systems.

Jul 06, 2014 1:13pm EDT  --  Report as abuse
chuck2 wrote:

Reviewed many of posts, Seems nearly all agree congress (small “c” is corrupted, criminal and in truth organized bandits. BUT they always get reelected, 90% or more. So in truth, whose fault is it we are ruled, no longer governed by such trash? And I doubt any of posters can suggest a real world plane that would defeat them at election time. This is direct result of a highly uneducated major in USA< which is the Pols key to the organize corrupted thuggery of BOTH state and fed congress, history provides us the dumber, hence less concerned/informed/ill formed the populace, the easier to divide, create paranoid extremes and manipulate. Seems even more true today, as we can bet these creations will get sent back.

Jul 06, 2014 1:24pm EDT  --  Report as abuse
BeBopman wrote:

The House panel does have a point. If they suddenly agree that the law really does apply to everyone, it will just confuse people. People will panic thinking that aliens have taken over Congress.

Jul 06, 2014 5:53pm EDT  --  Report as abuse
tatman wrote:

REPUBLICANS=ABOVE THE LAWS THEY MAKE FOR THE REST OF US

republicans/tea party are corrupt filth.

Jul 07, 2014 12:16pm EDT  --  Report as abuse
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