Sunday’s edition of 60 Minutes exposed the insider trading practices of Congress, where politicians buy and sell stocks based on non-public information only available to them. A bit of an uproar has developed, and when there’s a political corruption scandal, you can bet that Jim Moran is involved in it and usually be right.
Author Peter Schweizer’s book Throw Them All Out, which was spotlighted in 60 Minutes, alleges that members of Congress from both parties have engaged in insider trading, most notably in 2008 just before the financial crisis hit.
Schweizer reports that on September 16, 2008, Secretary of the Treasury Henry Paulson and Federal Reserve Chairman Ben Bernanke held a “terrifying” closed-door classified meeting with members of Congress briefing them that a worldwide financial crisis was about to hit. The next day, Moran went wild with his portfolio, writes Schweizer:
“The next day Congressman Jim Moran, Democrat of Virginia, a member of the Appropriations Committee, dumped his shares in ninety different companies . . . [his] most active trading day of the year. He dumped shares in Goldman Sachs, General Dynamics, Franklin Resources, Flowserve Corporation, Ecolabs, Edison International, Electronic Arts, DirecTV, Conoco, Procter & Gamble, AT&T, Apple, CVS, Cisco, Chubb, and a dozen more companies.”
In fact, Moran made over 90 trades in that one day.
The 60 Minutes piece pointed out the fact that insider trading, probably one of the worst forms of corruption that a member of Congress can do, is not illegal because the people who could make it illegal are the members of Congress who do it.
While the economy was tanking and people were losing huge amounts of money in the markets, Jim Moran was protecting his money and emerged just fine. This is disgusting. He is lining his pockets while claiming to be working for the people of the 8th District.
Sources: Slate, Washington Post, Newsweek
To understand how Jim Moran operates, you need to check into his affiliation with NIAC ( The National Iranian American Council) and Trita Parsi (Executive Director a Swedish Iranian) , the powerful mafia type Iranian lobby group in Washington. Jim Moran has been favoring legislation favorable to the Islamic Republic allowing Iran to buy sophisticated technology applications and technology devices fro the US.
Name: MR Ethics Watcher
Address:90 Trades Per Day Street Alexandria, VA 22304-8628
E-mail: mr.investor@gmail.com
Subject: I want to retire -> can you send me some hot stock tips, please ?
Hi Jim:
I saw on Hannity show that you made 90 trades in the day after
the secretive health care debates. WOW! Can you
send me some information for some hot stocks
that you are now trading, so that I can retire wealthy,
before the USA economic collapses in financial ruin?
PS: I sold my car that has the “Retire Jim Moran” bumper
sticker. Now my neighbors are now asking asking where
the car is. I guess they miss seeing those words of
wisdom.
-mr.investor@gmail.com
Moran has always been a hypocrite and a scumbag. That goes all the way back to his days on the City Council and when he conned former Alexandria Mayor Beatley into making the announcement that he’d not be running for another term and then right after jumping in as a candidate himself! lol Remember that one?
The guy’s bio reads like someone who should be in prison or rehab, not Congress.
Moron (yes, I purposely mis-spelled his name, because he is stupid in my opinion) seems only concerned with the financial security of himself, but not for the nation. How hypocritical !!!
Today (Nov 16, 2011) the federal US debt is projected to exceed the $15 trillion mark. So I think all of Congress (not just MORON) is out of touch with reality.
Correction: I meant 15 trillion DEFICIT, not DEBT in my prior message.
(DEBT is one year, while DEFICIT is accumulated over all prior years.)
Pingback: Sarah Palin To Congress: Stop Lining Your Pockets | Red Alexandria
This traitor is on a list of Congressman pressuring Lowes on their pulling out their advertising. This coward will not do a thing about Obama Constitutional violations, Eric Holders, or the illegals in his district. He is a traitor and a carpert bagger to those of us in Virginia. Oh but the coward of a socialist has time to stand up to a legal business because they do not spend their money the way he thinks they should. We should deport him to Boston or a third world country since we want neither in Virginia!
Pingback: Year in Review: Moran Edition | Retire Jim Moran
Pingback: Moran votes for insider trading ban | Retire Jim Moran