Gillibrand’s STOCK Act Hypocrisy
Maragos Will Ask the SEC to Probe Gillibrand’s Husband Alleged Insider Trading
February 2, 2012: The proposed STOCK Act, which is co-sponsored by Sen. Gillibrand, is hypocritical and disingenuous The Act will protect Congressional Members from insider trading prosecution, exactly the opposite of the advertised intent. It will raise the burden of proof for prosecuting members of Congress who divulge privileged information. Disclosure of privileged information, forbidden under the current Securities and Exchange Commission (SEC) Rules on Insider Trading, will be allowed under the proposed Act. The Act will place Congress above the laws that apply to ordinary Americans.
If there is a need to strengthen the existing Securities Laws then, simply add the phrase, “including members of Congress.” We do not need a separate bill for Members of Congress!
Sen. Gillibrand must end the hypocrisy in professing transparency while sponsoring this Act, which will protect insider trading by members of Congress and their spouses. A May 2010 article published by the Wall Street Journal alleged that Sen. Gillibrand’s husband executed more than 250 transactions in 2008, almost all in “put options” betting that the housing market will collapse. “Put options” are very risky securities with high profit potential. When investors purchase large quantities of these securities with perfect timing, they usually have insider information.
This Act, if passed, will protect alleged questionable trading by Sen Gillibrand’s husband. Members of Congress will be allowed to tip their family and friends without fear of prosecution by claiming that they were not aware that the privileged information would be used to trade for profit.
Sen. Gillibrand must immediately release her husband’s 2008 trade records to dispel any impropriety. She must also explain her husband’s alleged money making record in betting against housing stocks. Was it a stroke of genius or insider information? Furthermore, I will be calling on the Securities and Exchange Commission to investigate the trading patterns of Sen. Gillibrand’s husband to determine if he traded on illegal insider information.
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Bazzo 02/03/12
