Monday, November 14, 2011
The Existence of a Plutocracy: Verified?
So Congressmen can legally trade on inside information? Apparently so. It seems so far-fetched, so unfair, so potentially corrupt, that it's tempting to dismiss the 60 Minutes piece as a pure connect-the-dots conspiracy theory. But if it's true, it's verification that we have a quasi-plutocracy in this country -- in which Wall Street and government people regularly play footsie under the table to the detriment of everyone else.
Update -- Here's more. It seems to be more about the appearance of trading on inside information, rather than actually establishing a connection. That nudges this a little toward the conspiracy-theory zone. But it's still fascinating stuff. Is Congress really exempt from insider trading laws? It's simply unfair.
So Congressmen can legally trade on inside information? Apparently so. It seems so far-fetched, so unfair, so potentially corrupt, that it's tempting to dismiss the 60 Minutes piece as a pure connect-the-dots conspiracy theory. But if it's true, it's verification that we have a quasi-plutocracy in this country -- in which Wall Street and government people regularly play footsie under the table to the detriment of everyone else.
Update -- Here's more. It seems to be more about the appearance of trading on inside information, rather than actually establishing a connection. That nudges this a little toward the conspiracy-theory zone. But it's still fascinating stuff. Is Congress really exempt from insider trading laws? It's simply unfair.
