By Nicholas Contompasis
Are you mad at Congress and the President? Well, get ready to get even madder!
As you know, 60 Minutes last month exposed the likes of Nancy Pelosi and other Congressmen for their use of insider information to pad their pockets. You know that it's legal for them to trade on this information while you and Martha Stewart must go to jail for doing the same. Initially there was outrage in the country, but as usual most are more worried about feeding the family than hanging Congressmen, so far.
After reading more about how this Congressional insider trading works there seem to be two common denominators, the husband or wife and the lawyer!!!
As Steve Kroft illustrated on national TV, there has been the selling of this insider information. He failed to be more specific. We can only speculate that there's more to come once they have additional proof that Congressmen are selling Congressional information to hedge funds (George Soros, etc).
This is where it gets tricky. If you've noticed, whenever Congressmen are called out publicly about such manipulations, the spouse is mentioned. Example, Senator X has a net worth of $XXX and their spouse's net worth is $XXXXXXXX. Get my point?
It appears that many marriages in Congress are simply business arrangements to help deflect the thievery that's going on. Simply stated, the spouse takes the privileged congressional information and runs with it. First to their own account where they obtain a position and then sell it to eager hedge fund managers who drive the price up by obtaining positions in their managed portfolios.
In California Senator Feinstein and Congressman Pelosi are perfect examples of this practice with spouses worth substantially more than the elected spouse.
After watching Pelosi's act on camera, she's no Warren Buffett, yet her combined family net worth is in the hundreds of millions of dollars and Feinstein's now surpassing a billion dollars.
The last part of this trilogy of corruption are the "lawyers." The lawyers are the communication network that transfers this information from one interested party to another. Confidentiality laws protect the lawyers and their clients so no one can be forced to testify unless someone gets a conscience.
But as usual the press and the American people are a day late and a dollar short as hedge funds and Congressmen cover up their tracks. Congress in their endless need for more cash passed the Dodd-Frank Bill that was to stop all of this or at least give authorities the authority to dig deeper into their dealings with Congress.
Unfortunately, our government knowingly left open a back door for hedge funds to be exempt from the new law.
By allowing hedge funds to form "family offices" which is just another name for hedge fund, they escape the entire mess that is Dodd-Frank.
This explains why George Soros and many other funds closed and reopened under "family offices." This little maneuver stopped any investigation into their dealings with the Congressmen, the Obama Administration, Prince al-Walled and others. Case closed!!!
Of course, the mainstream media are not looking into this. That's why it was no surprise when 60 Minutes mentioned the practice of selling privileged Congressional information, but fell short of reveling more. They must have realized they had opened a hornet nest. A hornet nest that reaches all the way to the White House and President Obama's connections with George Soros and other despots.