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LookieNoNookie -> RE: Wall street/politicians...all an insiders game (2/15/2013 6:35:15 PM)
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quote:
ORIGINAL: MrRodgers
First, a little financial perspective. Only around 1% of Americans enjoy a $million in net worth. Yet the average net worth of the 535 sitting Senators and Congressmen is over $7.3 million.
Their yearly salary is 'only' $174,000. (I think it is $185,000 now) So the obvious question is how are they worth so much more...and doing so well in this economy ?
Not that long ago the public has become aware that they have the unfair advantage of being able to do what...trade on privileged inside information and more.
Think about this, they see lobbyists on K St. rake in millions to influence policy while the law and the courts call this exercising free speech. But with the power of information and to make policy changes, appropriation funding, contracts, development, infrastructure, and more...what do you think now ?
Everybody knows now how Pelosi's net wealth exploded since she took national office and some estimates put her net worth today at over $100 million. Why am I not surprised ?
And she amassed this fortune at least in part through such insider deals.
For example, back in 2008, Pelosi managed her way to turn $5 million in a pre-IPO release. Her investment more than tripled. (as I understand it) However, even still, this is criminal for you and me.
Spencer Bachus Alabama is another example. During the 2008 fall of the market, he shorted [it] over 40 times allegedly based on insider info. He is estimated to have doubled his money (or nearly so) on at least...three separate occasions.
In fact, a recent study of 45,000 Congressional stock transactions from 2007-2010 found $218 million worth of trades in companies directly affected by legislation on he hill.
Now kinkroids, now do you understand why they are all whores and have no basis to think there is any hope of any return to any real democracy in our republic. Don't even think it.
I think a FAR more interesting question is....assuming the general net worth of Congressman and Senators (and these stats are available, by the way) when they assumed office was $_________? And it's now $___________________________?
I think that's far more telling.
Now....add into that same mix...what is the average net worth of the average investor....then run that same quotient over a similar period...against a Congressman.
I don't recall the exact numbers but....it's a smidge higher for Congressmen.
(Just a smidge).
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