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.

[@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.

[@bogatron69]

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

[@whoscottgreen7153]

Steve Kroft is a badass.

[@45lupefiasco56]

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

[@fupi78]

Politics and Churches

[@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."

[@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.

[@matthewcrump7255]

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

[@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.

[@bittnerbs]

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

[@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

[@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

[@bobbyb7979]

She just plain stinks of corruption

[@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!

[@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.

[@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.

[@nancarter5474]

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

[@abrahamlincoln5185]

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

[@TheReturnOfStephan1]

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

[@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!

[@victorvictor8587]

He Got Eleven Years for Being Dark .

[@JesseH]

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

[@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.

[@UKindness4]

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

[@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.

[@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

[@jakewaugh2059]

well done 60 minutes

[@jp2059]

Just imagine how many stocks are trading on forthcoming tweets

[@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

[@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 👆

[@BigBoyEnterta1nment]

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

[@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)

[@janettucker1235]

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

[@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.

[@YouTubeMilestonesOfficial]

This is what real journalism looks like

[@margiagilesvanderveur2583]

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

[@writerconsidered]

I bet one of them is Sanders.

[@UKindness4]

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

[@jbalogh01]

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

[@richcampus]

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

[@howareyou5899]

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

[@mike85364]

Put Ronan Farrow on the case !!

[@we8608]

How they didn't get locked up is nothing short of incredible. Rich and connected people are above the law EXCEPT when they start screwing each other over (i.e. Madoff)

[@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.

[@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.

[@Midwest..]

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

[@SwoopENT]

this video needs more views.

[@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)

[@joanmarrotte2641]

How can lawmakers make their own laws?

[@bigkmoneyballer]

Steve Kroft is the man

[@christineglass3561]

Corrupt politicians will do what corrupt politicians will do.

[@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?

[@platoscavealum902]

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

[@primobadboy]

We elect people that want to change the system, that want to end the corruption, but those in congress that have been there far too long will not allow change. And so, the newly elected champions become jaded over time and give in to the established power in congress. Could term limits impact the corruption in congress? In our laws? Quite possibly.

[@Midwest..]

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

[@MahadHirad-vy1ch]

Privileged financial clients require fair stock trades too. Fair trades.

[@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.

[@moman19701]

Service is no longer part of government.

[@kingcuan5261]

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

[@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.

[@InflectionsOfHistory]

WSB GME to the MOOOOOOOON

[@stevenanderson9660]

Blue Horseshoe loves Anacott Steel

[@jclay6680]

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

[@sirleroyale4412]

This explains everything why the country is In shambles…

[@firm1z]

This is ridiculous.

[@jamesfarley7227]

Buy IDEX stock (Ideanomics) Electric Vehicles

[@YMWL613]

Its should be law that no Congress person can participate in the stock market indirectly or directly for 5 years before and after there service. But it want happen its too much like right

[@ericwsmith7722]

And I thought this video was 2 years old, not 20,,, Things in DC are right on schedule I see.

[@AhernMatthew22]

on netflix watch the dirty money episode on hsbc. it made me disgusted people who facilitated drug trade at the highest level saw no jail time. im disgusted the stupidity and sheepness of the nation

[@MaryjaneLove]

. && The fact Senate and Congress folks get paid $174,000 a year is crazyy . . 😮😮

[@usa7530]

Corruption is the new epedimic of the World

[@Peter-bg5gy]

Ah yes, exactly what the GOP reps from Georgia did at the start of covid19 💔🇺🇸💔

[@richcampus]

CONGRESS IS LITERALLY THE OPPOSITE OF PROGRESS EFFECTIVELY

[@jenniferlynch643]

this is way we need to draining the swamp!!!!

[@0-Elias-0]

Can anybody name me a leader who's worth believing in?

[@michellepappas3726]

Crooks in the swamp

[@quorumlab]

Most likely the donors get a lot of great tips..I am going to start hanging out in dc and watching cspan

[@priscillaflach2960]

I have an idea. Why not let the people decide if get rich quick games are okay with them by a vote.

[@maxfastest]

Why are the people Not Demanding that the Government follows the rules they impose on the people.??

[@ceciliorojas1419]

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

[@iwantabetterworld2773]

The Tax Act, Glass-Steagal, and Anti-trust laws must be re-instated into law again. We demand transparency in the Congress and Senate. It is the only guarantee that citizens are protected from unscrupulous politicians enriching themselves, and stealing everything they can get their hands on.

[@rustylove3033]

When a lot of money is involved with any government or business etc. It will always end up corrupt..........we need small businesses and a small government. It's the only way we can get rid of greedy people in the world.

[@MahadHirad-vy1ch]

Inside information in any industry is not good for government or economy. Good Day.

[@mikedavenport5803]

Expect nothing else from our lawmakers no one goes in the Senate or Congress to help the people only to line their pockets and their supporters

[@dorhinj23]

This's been going on since stock exchanges began. It has long assured those in power will always maintain lions shares of affluent influence...

[@frombaerum]

from back in the days when real journalism was made. today this would be called hateful or fake news i wonder

[@SandyRiverBlue]

They would argue that they are underpaid public servants and so should have the right to invest towards their own retirements. It is an argument that is hard to argue against. Where I draw the line of what is corruption is when their legislative/board decisions are based on their investments and less when if investments are based on their congressional decisions. Although I would like to see trading black-out periods set for every new piece of legislation. It's something that the American worker has to deal with on a daily basis and I think that it is not too big of a burden for our legislators to take on.

[@johnmoore9614]

Nancy pelosi should b thrown out office. That goes for all who do this

[@tommyvercetti2069]

5:27 America is not a country but a business...

[@Dennisaj]

“The truth will set you free.” - Jesus Christ

[@Sq7Arno]

They should not argue free market principles. That's a naïve, and possibly nefarious take. If somebody is unrestricted in a way that restricts others, then that does not serve the purpose of a free market. And that goes for many things. Insider trading, corporate or political. It goes for environmental regulation. Take lead pollution regulations for example. People who have to drink water with lead pollution in it are physically (health) and mentally (development) restricted in free and fair participation in everything. Let alone the market alone. It goes for public education regulations. Building regulations. It goes on and on. A policy is always there. If it's not written down then the policy is to ignore it. And if the playing field is not level, at least with regards to fundamental matters like health, education and security, then it's not a free market.

[@zwickzack]

I'd consider myself only slightly right of center, but I'd consider Pelosi only slightly left of being the worst person on the face of the planet.

[@alecnickel4572]

Conveniently recommended to me today LOL

[@lajack5273]

Put Congress n jail they have been making big money off insider stock trading. If we do this we go to jail.. WTF

[@django5229]

11:09

[@ivanbashliev7052]

The dislikes are from Nancy Pelosi's circle

[@mygoogleaccount2354]

It took Denny getting caught paying hush money for diddling kids to finally go to prison, smh

[@MaraudingMale]

Ooh wee!!! I'm becoming a politician.

[@johnhudson9011]

I'm shocked!

[@evanwhite2680]

And look what happened during corona virus.

[@trevorcevene1297]

Politicians are horrible

[@caligirlinreno5255]

Pelosi needs to go... also, there needs to be term limits on congress.