Coverage of Bigs editor Peter Schweizer’s book Throw Them All Out has already permeated the news cycle, from presidential campaign ads to late-night comedy monologues. Now former mayor of New York City Ed Koch is using the examples of Congressional insider trading uncovered in the book to lament Congress’s disconnect from voters.
From the Huffington Post:
Congress is a joke. Today there is absolutely no respect for those who were elected to represent us in the House and Senate. The reasons for this lack of respect are many. Overwhelmingly, the public sees Congress as fools because, while they were elected to address and solve the problems besetting our nation, including a 9 percent unemployment rate, members of Congress appear far more interested in party politics and reelection. There appears to be no major effort to rise above party affiliation and responsibly address the nation’s problems and save the Republic.…
Many voters also see members of Congress as knaves. Witness the recent piece on 60 Minutes on CBS-TV about two weeks ago reporting on members of Congress who, while enacting laws bearing upon the stock market, used inside information — not available to the public — to purchase or sell stocks, making profits in the millions in some cases. Former Speaker Rep. Nancy Pelosi (D-CA) was alleged to be one such member. Apparently, members of Congress are not subject to insider information restrictions that apply to everyone else. It seems to me there is an easy way to prevent that abuse. Congress should require its members to place their stock portfolios in blind trusts, so members cannot use their insider information for themselves or others. Also passing whatever laws are needed to apply existing insider information rules to Congress, as well as the public.
Read the full article here.
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