Stock Ownership Up In Congress: Maximizing Public Good Or Portfolios?

The Washington Post:

When Sen. Max Baucus (D-Mont.) this summer proposed a $4 billion tax on medical-device firms to help offset the cost of health-care reforms, an unusual mix of lawmakers joined in a chorus of protest.

Sen. John F. Kerry (D-Mass.), a liberal from the Northeast, warned that the tax could undermine companies developing "new technology that saves lives and money."

Read the whole story: The Washington Post

Comments

[keepyourheaddown*]

GOT HOPE???

The insurance companies, Big Pharma, and the Banks have plenty of hope...

How about you America? Still think your living in a Democracy???

They couldn't care less about you...

What a effn joke this government is...

So go ahead and vote, yeah, you do that and then the congress will do what they please...

WAKE UP PEOPLE YOUR GOVERNMENT SELLS TO THE HIGHEST BIDDER!!!

and it ain't you!!!

[ThePeacemakers]

Read HALF the story on WaPost.
What they didn't mention was this:
Forty-seven members of Congress (or 9 percent of all members of the House and Senate) in 2006 were invested in companies that are primarily in the defense sector. The average share price of these corporations today is nearly twice what it was in 2004. Lawmakers’ investments in these contracting firms yielded them between $15.8 million and $62 million in income between 2004 and 2006, through dividends, capital gains, royalties and interest, the Center found.
Companies with congressional investors received more than $275.6 billion from the government in 2006. The minimum value of Congress members’ personal investments in defense contracting firms increased 5 percent from 2004 to 2006, but because lawmakers are only required to report their assets in broad ranges, the value of these investments could have risen as much as 160 percent—or even dropped 51 percent.

[BarryS]

the article title seems to say they are going to sell stock in congress. too late it is already bought--totally owned.

[MED1025]

Employees in other gov't agencies must disclose any financial conflicts prior to discussion or voting on a topic and recuse themselves from the vote. Why don't they have to abide by the same regs as the rest of the govt.

[elbzee]

cuz they're spesshhhhl!

[jack7576]

make the money

[GroovyTimes]

Our capitalist-republic is like a tug of war. On one side you have business and on the other you have government . The founding fathers knew that in order to keep America from becoming another Roman Empire, you have to make sure that neither side wins. It is the constant struggle between them, with no winner, that gives our form of government the greatest long term potential. Regulation is good.

[scooperss]

Of course, that's how their decisions are based. Not on public good, but their own good.

[disgustedwithall]

Perhaps the next story might be on how much money and whom employees "the elected of the hallowed halls".. as to their family members and relatives and "good friends".. perhaps start with Sen from CT wife and her phama/drug company clients. Might make a good read to find out what all those type make per year, hour etc.. and we are supposed to buy into "I do not discuss (the millions spouse lobbyists make) with my spouse nor do I let it influence my vote".. and yes the earth is flat!
BADLY need a story on ALL of them, R, D and of course I's, might even include state capitals.. where the real OJT programs for corruption are learned... as "got to be educated before you hit the big time" AKA DC.

[edva]

Conflict of interest! Should not be allowed! Congress, are you so blinded by your own greed and ego as to not be able to see this?!? How pathetic.

[elbzee]

Yep, they are.

I was especially interested to this tidbit: "congressional portfolios have regularly outperformed those of average Americans over the years." Gee, what a coincidence!!!

[Catch22isms]

Another sterling example of why we need term limits for our representatives. Would that be something we can all agree on? How do we get that ball rolling? I don't think our representatives will start that debate. . .

[crease]

When it`s legal to use insider trading in congress,you will have this type of behaviour , it`s called GREED!!!!!!!!!

[ohiomark]

Gee, I thought the stock market is a bad place to invest and it's filled with nothing but greed.

I guess this "jobless recovery" that is only good for Wall Street is happening for a reason.

[Tena]

HuffPo want to explain to me the non-public part of publicly traded shares of stock?

Nothing private about it.

[Coinyer101]

How much of it is health insurance and phrrrma stocks? Ya know, with 25 million people mandated to buy coverage, those stocks are gonna go up. They already do everytime there's a hint of no p.o. ....,

[pjwrites]

Uh, portfolios?

But I could be wrong.

lol.