Congress: Trading stock on inside information?

In 2011, Steve Kroft reported that members of Congress could legally trade stock based on non-public information from Capitol Hill. See the full report on Kroft's retirement, here: cbsn.ws/2k9DsRF
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"60 Minutes," the most successful television broadcast in history. Offering hard-hitting investigative reports, interviews, feature segments and profiles of people in the news, the broadcast began in 1968 and is still a hit, over 50 seasons later, regularly making Nielsen's Top 10. "60 Minutes" has won more Emmy Awards than any other primetime broadcast, including a special Lifetime Achievement Emmy. It has also won every major broadcast journalism award over its tenure, including 24 Peabody and 18 DuPont Columbia University awards for excellence in television broadcasting. Other distinguished awards won multiple times include the George Polk, RTNDA Edward R. Murrow, Investigative Reporters and Editors, RFK Journalism, Sigma Delta Chi and Gerald Loeb Awards for Distinguished Business and Financial Reporting. "60 Minutes" premiered on CBS Sept. 24, 1968. The correspondents and contributors of "60 Minutes" are Bill Whitaker, Steve Kroft, Scott Pelley, Lesley Stahl, Anderson Cooper, Sharyn Alfonsi, Jon Wertheim and Norah O'Donnell. "60 Minutes" airs Sundays at 7 p.m. ET/PT. Check your local listings.

[@JNovoa-cu4pv]

The fact that this video only has a 100k views rn is very sad. This should’ve been a huge story. Everyone in America needs to see how corrupt these politicians really are.

[@beverlyswartz3486]

It was when 60 Minutes broadcast this show. Move forward to now Jan 2022 - some Progressives & MAGA supporters want a bill to stop all trading by Congress. This is unlikely to happen.

[@yungrel1916]

this is how well of a job they have done . people dont really know about stocks

[@tiararoxeanne1318]

I think most people know about the insider trading of their politicians, but they don't really care. As long as the trading doesn't hurt them, most people don't care.

[@chillout1109]

Views are low on videos like this one because such videos don't appeal to the masses. KZbin videos with the most views are not factual, informational or educational videos. They are music videos - e.g. Baby Shark Dance or Despacito. That tells you a lot about the kind of people who spend the most time on KZbin. Such people are not here to learn anything or educate themselves. They are here just to waste time with pointless "fun" videos. They would never click on an informational video created by 60 Minutes. Ever.

[@tiararoxeanne1318]

@@chillout1109 You're probably right. If they want news, they usually watch TV anyways.

[@leslieeng6676]

George Carlin - It's a big club and you ain't in it

[@ftwallday3112]

Good old anarcho-communist George Carlin I miss that guy too

[@dankhelmet9973]

It’s a big club? Isn’t it pretty small?

[@PhuryousOne]

Can you reiterate that to every Republican and Democrat citizen in America, because they don't seem to get it?

[@benkleschinsky]

Nancy Pelosi's salary $174K/year and her net worth is $114 million. Something doesn't add up.

[@S3v3n13tt3r5]

@@dankhelmet9973 big in physical size but small in capacity

[@brianbradburn]

Congress made it legal for themselves to inside trade.

[@Gglsucksbigballz]

Brian Bradburn Did you like how Nancy redirected the question - answering a question other than that which was asked.

[@hint0122]

The fact that if you and I do it, we go to prison, and They get by, is insane

[@bogatron69]

The fact that this is considered shocking is the most incredible part of the story.

[@KingStix]

government, mafia, same thing

[@allu717]

Hi kingstix, love your content

[@harveymason3329]

i know Im randomly asking but does anybody know a trick to get back into an Instagram account? I was dumb forgot the account password. I would appreciate any tips you can give me

[@cohenpeyton3080]

@Harvey Mason instablaster =)

[@harveymason3329]

@Cohen Peyton I really appreciate your reply. I got to the site through google and im in the hacking process now. Seems to take a while so I will reply here later with my results.

[@whoscottgreen7153]

Steve Kroft is a badass.

[@bkstroh]

It should be unethical for them to even trade stocks while in any public office.

[@jennk22]

I totally agree!!!

[@scottkaiser6912]

get to the word of unlawful in this regard

[@cordovalark5295]

A few years ago it was made illegal. But when it was noticed Congress and the Senate quickly voided the law.

[@cesarrosales1959]

For them or their family members. Check the trades of the husband of Pellosi , somehow he’s got a knack for successfully trading the market.

[@beverlyswartz3486]

@@cordovalark5295 I am 63 and have followed the Congress since 12 yrs old due to dinner time conversation. I have never heard of a bill even making it to the floor of either house, much less pass. Fast forward to Jan 2022 - some Progressives & MAGA supporters want a bill to stop trading by The Congress members. Experts say "it's highly unlikely to have Congressional support by either party."

[@45lupefiasco56]

And ppl out here trying sell drugs to make fast cash. Politics is where the real money is at.

[@fupi78]

Politics and Churches

[@lupevaldez8456]

There should be a law if you work for the government, you should not be able to trade stocks

[@MaryjaneLove]

&&& i totally agree with uuu on that . .

[@mcterry1014]

Our politicians have to be stopped from directly or indirectly having conflicts of interest on trading or passing bills ,laws etc... for their personal and corperate agendas.

[@jimd1617]

10 years later… nothing’s changed

[@matthewcrump7255]

Basically every career politician is doing this both sides and this needs to be shut down immediately

[@TheThisisliving]

THERE NEEDS TO BE LAWS TO MANAGE OUR CONGRESS. IT'S THE TAXPAYERS RESPONSIBILITY TO DO SO.

[@platoscavealum902]

Thisisliving Warren, would you vote for a psychopath? 📺 kzbin.info/www/bejne/mKrWh4OZgLaZm7s (4 minute video w/ Dr. James Fallon) … The Psychopath Next-Door: 📺 kzbin.info/www/bejne/rJvLi5mvnduFbNk (5 minute video w/ Dr. James Fallon)

[@racewiththefalcons1]

When the record was made public in October 2020 that the Pelosis bought up to $1,000,000 of Crowdstrike shares, I doubled my position. It was _BY FAR_ the best trade I made in all of 2020. It's up almost *300%* since then - in less than a quarter of a year. They recently bought call options on Tesla and Apple, and shares in ticker AB (some financial institution). If you were smart, you would buy the same things they do. Hundred-millionaire insiders _never lose._

[@lukesmith3283]

How does one find out what these senators are investing in?

[@skhotzim_bacon]

Oh that's actually great advice

[@we8608]

How did you find out?!?

[@skhotzim_bacon]

@@we8608 public record. Do some research into financial disclosures for public figures and their family members

[@we8608]

@@skhotzim_baconthe market was a blood bath today. I've never lost so much money in my life until I started "investing" it.

[@terrimcwilliams852]

Glad that they are showing these episodes again.

[@bittnerbs]

I forgot what honest journalism looked like. All of our political overlords need to go!

[@joeywall4657]

We need more journalism like this.

[@cflow2013]

Don’t let them trade at all. That’s something you should have to give up once in office. But they write the laws so it’ll never happen.

[@Jone952]

The STOCK Act was passed in 2012. Thank you 60 Minutes!

[@platoscavealum902]

Dennis Walker, would you vote for a psychopath? 📺 kzbin.info/www/bejne/mKrWh4OZgLaZm7s (4 minute video w/ Dr. James Fallon)

[@platoscavealum902]

🤔 Muddy Mustache 69, did you watch the videos? The content of the videos applies to all politicians - not just the Clintons.

[@eddiep8122]

Read the 2013 Amendment that basically undos any teeth the original act had

[@platoscavealum902]

Eddie P, Wikipedia: The STOCK Act was modified on April 15, 2013, by S.716. This amendment modifies the online disclosure portion of the STOCK Act, so that some officials, but not the President, Vice President, Congress, or anyone running for Congress, can no longer file online and their records are no longer easily accessible to the public. In Section (a)2, the amendment specifically does not alter the online access for trades by the President, the Vice President, Congress, or those running for Congress. The reasoning for this change was to prevent criminals from gaining access to the financial data and using it against affected persons. This bill was introduced by Senator Harry Reid on April 11, 2013. It was considered by the Senate and passed by unanimous consent. In the house, S.716 received only 14 seconds before being passed by unanimous consent.

[@Jone952]

@@eddiep8122 wow yup you're right. Representitives' trade disclosures are no longer freely available online. Now they're in a private database. But at least insider trading is still illegal

[@flyingeagle1237]

Congress can announce bills that will contribute to billions in profits for any company. They are without a doubt doing insider trading.

[@billrichardson5386]

Pelosi. There is a trail of slime following that woman around.

[@tylermerlin8320]

This video is worth watching her get frazzled about her slime coming to light

[@jc4074]

$174,000 per year for life and excellent free healthcare coverage.

[@failtolawl]

Congressmen have a great insurance plan but do not get free healthcare.

[@rodneyfosdick3293]

Oma Cool they should have free security 😂😂

[@michaelguillory5003]

Some live check to check like the rest of us at $174,000 a year. So like the rest of us poor folk they find a way to commit crime, but they get away with it. I bet the days before 911 a lot of money was moving.

[@todaysnumberis4532]

You would never see 60 min do story like this now

[@benkleschinsky]

Steve Kroft was a legend. I have a lot of respect for him.

[@abrahamlincoln5185]

The rule that you can't make profit off of a business while in public office should expand to include stock investing

[@YknotLearnall]

When Loeffler assumed office, she immediately became the wealthiest member of Congress. The Atlanta businesswoman, whose husband is the chairman and CEO of the New York Stock Exchange, has a fortune estimated at $500 million. From the beginning of her tenure, she has faced scrutiny over potential conflicts of interest. Her position on a Senate subcommittee that oversees futures markets “gives Kelly Loeffler a direct position in overseeing her and her husband’s financial enterprises,” Craig Holman, lobbyist for the ethics group Public Citizen, told the Atlanta Journal Constitution in February. “I find it utterly irresponsible the Senate would choose to put Loeffler on that committee, given her conflicts of interest.” Unlike other senators, Loeffler’s finances are directly tied to her electoral fate. She has pledged to spend $20 million on her bid to hold on to her seat when she faces voters for the first time this November.

[@billg521]

THIS 60 MINUTE REPORT SHOULD BE AIRED TWICE A YEAR ON NBC, CBS, ABC, CNN AND MSNBC SO THE PEOPLE WILL NEVER FORGET IT....F$@&$# DISGRACE!

[@pamh1648]

It is so rare to see real journalism these days, I am impressed by this. Impressed that the odd senator is above corruption, and not really surprised by the rest. Clearly I have a very low opinion of most news agencies and politicians. But it is cool when you see some that work as they should.

[@nancarter5474]

When are people going to petition to change these laws that only enrich the few?

[@TesserId]

1:59 "If you are a member of Congress, those [insider trading] laws are deemed not to apply." Gee, I wonder who wrote that law. Oh, they explain that. No surprises there.

[@TheReturnOfStephan1]

Steve Kroft asking the hard questions, like Sam Donaldson used to.

[@JesseH]

Legalized gambling at the expense of us who abide by the rule of law.

[@YouTubeMilestonesOfficial]

This is what real journalism looks like

[@strikingastronaut7627]

This video was from 2011 and the STOCK Act was passed by Congress in 2012 that prevents insider trading. Might be worth mentioning this somewhere in the video description

[@brandonunderwood4224]

StrikingAstronaut and then changed by Obama in 2013 so they keep trading

[@victorvictor8587]

He Got Eleven Years for Being Dark .

[@jakewaugh2059]

well done 60 minutes

[@Jermainewilliams349i]

So anybody that thinks a president that's a business man isn't profiting off this kind of information is just plain ignorant

[@UKindness4]

We need clear laws thst any politician must abide by the same laws as the public no exclusions.

[@stephenbloch9301]

The whole system is fixed! It is depressing to finally understand this. Duty,Honor,Country!

[@MatthewCensullo1]

Even this story is fixed. They created an out for some of the darker reasons some senators and congressmen get wealthy

[@GHustle4]

@@MatthewCensullo1 You are naive all politicians are dirty stop fooling yourself they have to scratch each others backs and if you don't you'll lose on all fronts! stop kidding yourself. This story isn't fixed it's FACT deal with it!! all of them get wealthy even Bernie talking all that bs and yet he is a millionaire.

[@GHustle4]

They fake their duty, they have no honor, and they rape their own country.

[@seannorton2793]

Welcome to the system everyone’s a victim! Tom Macdonald listen to the system it’s pure FIRE 9.3 million views in 2 months! What you choose will never matter cuz everything is mine!

[@marcwesley3645]

The corruption has gone on so long and has gone so deep... All that matters now is who your parents are. It's amazing how the greed of a few can wipe out the decent lives of millions of the lower class.

[@davidsflooringco]

They should record when they ask politicians to cosponsor it,getting on record when they refuse to officially catching them in a lie,then do an election video and online expose.

[@danstickney3660]

The "my adviser does my trading, not me" line has now been used during the coronavirus debacle of 2020.

[@stanleykania7184]

I want in the club !!

[@jp2059]

Just imagine how many stocks are trading on forthcoming tweets

[@JohnDoe-wb4iv]

When an honest one gets in there both parties work together to get them out because they're honest they can't b trusted

[@jamessydnor7591]

This is a heroic report.... same thing is going on

[@comes2mind797]

Are members of congress also shorting stocks? Do all members of congress and the president get access to proprietary insider information? How many sitting members of congress or their staff get access to insider information? Why doesn't insider trading rules apply to everyone who has access to insider information? This is hypocrisy at its finest. Which congressional member stock trades contributed to a market crashes? How many shady people run for Government office strictly to gain access to insider information?.

[@803mastiff9]

"To Serve The Public" is a cookbook for the Elites .... Their favorite recipe is "Sloppy Joes" with Joe the Plumber or average Joe as the key ingredient.

[@CaliforniaGirl-qk5kq]

This is a true SWAMP! DRAIN IT!

[@bel.sat.9051]

Trump PROMISED.

[@jeffrey7737]

@@bel.sat.9051 he didn't do he put more swamp in the swamp

[@falsificationism]

The best part about watching 60 minutes segments on youtube is watching on 2x; that ticking clock at the very beginning starts to sound like a steady hum.

[@teebone2157]

Look at the comments it seems you are all still divided over titles of "republican or democrats". THAT BS DOESNT MATTER!!!! The rich use those titles to keep you fighting each other while they get rich. You poor people care more about a gun or a brown person crossing the border than your own wellbeing. They get paid 150k+ per year and end up a millionaire by the time they are out of office 2. years latter. You cry about second amendment and they cry tears of joy about the new lambo they bought with your money.

[@cliftt]

Agreed. This story is nonpartisan, yet commenters only see fault in those Congresspersons who are from opposing political parties. 🤷

[@hopeclayburnsax9369]

Amen. The only color that matters in this country to politicians is green...they want us divided so they can keep us distracted while they rob us.

[@thegreatmonster]

Duuuuuh... the point is that a politician can be bought for only $100,000 or less. That's CHEAP!

[@platoscavealum902]

thegreatmonster, would you vote for a psychopath? 📺 kzbin.info/www/bejne/mKrWh4OZgLaZm7s (4 minute video w/ Dr. James Fallon) … The Psychopath Next-Door: 📺 kzbin.info/www/bejne/rJvLi5mvnduFbNk (5 minute video w/ Dr. James Fallon)

[@richcampus]

Right off The bat ~ @0:56 "IN WASHINGTON...THE BIGGEST CHALLENGE IS AVOIDING TEMPTATION"

[@BigBoyEnterta1nment]

All guilty ...sadly none of them will be tried or spend 1 night in jail.

[@mike85364]

Put Ronan Farrow on the case !!

[@janettucker1235]

And Martha Stewart got jail time for far less... wonder who she got sideways with...

[@tylerwinkle323]

yes

[@SwoopENT]

this video needs more views.

[@murmaider2]

They place their bets and then pass legislation that benefits the bet.

[@catdooley4616]

Can you tell us who the 6 cosponsors are? Or the bill#.

[@platoscavealum902]

Cat Dooley STOCK Act: 🌐 en.m.wikipedia.org/wiki/STOCK_Act

[@krazysoccer]

@60 minutes don't you think it's a bit irresponsible posting this 8 years later, considering President Obama signed the Stock Act into law in April 2012?

[@irreverentgentleman3745]

If you read the bill, it’s almost a joke.. it states that a government official must report all trades they PERSONALLY make. However, if they invest into a hedge fund and that hedge fund makes the trade, then it does not need to be reported.... So if that very hedge fund gets a “hunch” (a little birdie tells them some inside info) and makes a trade, not only does the government official and the hedge fund make a lot of money, but nothing gets reported that a trade was made... only to the SEC, aka the government. It’s a political paradox.

[@platoscavealum902]

👍 Tivon Sterin, I agree that it seems irresponsible to post this without an updated explanation at the end of this excerpt that is from an old 60 Minutes episode.

[@eddiep8122]

In 2013 there was an amendment added to the act that basically deems it worthlessly ineffective , trade on Congress 👆

[@bigkmoneyballer]

Steve Kroft is the man

[@kingcuan5261]

13:41 that look tells you everything you need to know.

[@theonguyen96]

they gotta make some money! Congressman salary is not enough for private school tuition!

[@platoscavealum902]

🏛 STOCK Act (enacted in 2012): en.m.wikipedia.org/wiki/STOCK_Act

[@howareyou5899]

Wow, 60min doing that! My hat is off to them.

[@MeatCatCheesyBlaster]

I just watched Loughler recanting her vote against the electoral count. Can’t believe this was one year ago. Feels like one long day.

[@camadams9149]

6:20 haha no. Blind trusts are not good enough. Full liquidation of all assets except for the standard things like a family home. If you are doing the job to serve the public, loosing out on a few years of profit should not be a problem (especially given the reasonable salary)

[@dannyl5995]

When congress is so corrupt, what can we do as citizens?

[@okami6241]

We really need to have something set up that rules over congress to keep congress members in check. Cause congress isn't going to set laws that go against their own interests. The American people really need to start protesting against this and make our voices heard together.

[@Midwest..]

It's not what you know its who you know 😎👍

[@donbryant58]

It is called Plutocracy

[@maxwellboyle3181]

This man did a great job ur a goat, facts on the other comments this should get wayyyyyyy more views. If ur in gov u inside trade for free, actually u do a lot for free if u gov

[@Midwest..]

If I was a congressman I think I would do the same trading stock as long as it's legal 😁👍

[@glascoebowie9359]

When people tell you to follow the money but don't say anything about resources and property and the chain of command they don't have anough information.

[@johnhudson9011]

I'm shocked!

[@jmichaelramirez2510]

IPO's are "offered" by brokerage houses to clients with money to invest, or anybody they think has money.. Not really a preferencial treatment offered to just government officials.

[@joanmarrotte2641]

How can lawmakers make their own laws?

[@UKindness4]

What about their family trading and sharing the profit of insider trading. Husbands and wives and adult children do it for them .

[@scottkaiser6912]

how much is that stock affecting you policy? how much is that policy helping the stock? how much do you think you doing right? how much less can you imagine people hate you?

[@davidokoh1101]

WSB GME to the MOOOOOOOON

[@moman19701]

Service is no longer part of government.

[@cstralka]

Anyone who works from the US Government can only invest in a retirement plan called a ThrIft Savings Plan. There is NO TRANSPARENCY for the underlying investments in the "C Fund", "G Fund", "I Fund", " S Fund", etc. A publicly-traded mutual fund must disclose all of the underlying holdings in every fund.

[@lars2k1s33]

And let me guess. Thrift Savings Plan has never been audited by a 3rd party since it's inception. Am I right? Just like we can't audit the spending by DOD and other government agencies even though they are using taxpayer dollars and are elected by the taxpayers. They are elected to represent us (i.e. American citizens) and we should demand better transparency and accountability.

[@jamesfarley7227]

Buy IDEX stock (Ideanomics) Electric Vehicles

[@cooperscreditconsultingint6792]

Enlightening......

[@margiagilesvanderveur2583]

UNREAL 6 OUT OF 420 REP'S SAID " LESS NOT BE CROOKS "!!! THAT'S CONGRESS!!

[@writerconsidered]

I bet one of them is Sanders.

[@Peter-bg5gy]

So, we must have a profoundly independent department with an aggressive nature to enforce the rules on insider trading.

[@christineglass3561]

Corrupt politicians will do what corrupt politicians will do.

[@jle92708]

Did you the violation of insider trading is only 200 dollars. Also they can be waived of the violation. Anyone else, prison and massive fines.

[@RADIUMGLASS]

It's never a conflict of interest for them... ROFL 😂😂😂😂😂😂

[@prorangerr]

politicians being politicians lol

[@jclay6680]

3/20/20 Hope the congress involved are prosecuted .

[@sarges1712]

it's always baffled me that those who are suppose to represent us are able to write laws regarding themselves. Whether that be what this piece was talking about, Dark Money or any number of other things our supposed "civil servants" do to enrich, enhance and benefit themselves and their power. You simply can not allow one to self govern oneself. Hence one of the major reasons we have all these branches of government who are suppose to be protecting the American people from industry, employers, etc. We can argue where their allegiance lies but the point remains. One simply can not govern oneself because oneself always trumps others.

[@jamievaughn1485]

Term limits.

[@marydawkins4190]

I want to know how "doing it for the pay" of $175k is not believable???? That is a damn good job by anyone's standards. NOT that I don't believe some do it because the believe in serving, but come on, that pay is plenty a motivation

[@marydawkins4190]

And yes, this is absolutely heinous that they get away with it.

[@alecnickel4572]

Conveniently recommended to me today LOL

[@stevenanderson9660]

Blue Horseshoe loves Anacott Steel

[@ceciliorojas1419]

Damn they guy at the is just telling it how it is

[@jbalogh01]

They hold office not to serve the people or American interests. They hold office to serve themselves.

[@briancnc]

For those of you wondering if after all this time anything has changed you would be sadly mistaken. Pelosi got caught off guard and Steve was a great reporter. Pelosi just took a huge position in Tesla all while knowing with Biden in she would get all of the EV credits out benefiting EV companies like Tesla and her bank account.

[@lupevaldez5207]

Why is there not a law that anyone in congress or the house can’t trade