Congressional Insider Green Energy Trading

Yes, remember now folks, when it comes to some of Congress, including Harry Reid,  it’s all about saving the planet from that nasty old CO2. The paramount goal is being green so we can save the children and prevent global warming from causing a host of problems from sea-level rise to bed bugs. Oh, and remember nepotism, favoritism and corruption just don’t enter the picture. Or, do they?

Per the Wall Street Journal (WSJ) we get a little different picture of what was going on in Harry Reid’s office and others in Washington, DC., and it appears that instead of being green as a goal it was making green with some insider information. In Senator Reid’s case Cris Miller, Energy Advisor to Senator Reid almost doubled a $3,500 renewable energy investment.

It gets worse. According to the WSJ many others are involved…….

Mr. Miller isn’t the only Congressional staffer making such stock bets. At least 72 aides on both sides of the aisle traded shares of companies that their bosses help oversee, according to a Wall Street Journal analysis of more than 3,000 disclosure forms covering trading activity by Capitol Hill staffers for 2008 and 2009.

Sounds like a hotbed of insider trading to me.  Kind of like if Bernie Madoff was running the country or something on that order. Yet, nothing will happen to them, regardless if insider information was used or not. Know why?

The aides identified by the Journal say they didn’t profit by making trades based on any information gathered in the halls of Congress. Even if they had done so, it would be legal, because insider-trading laws don’t apply to Congress.

Say what you like about Senator Reid, Congress or the people who work there, but frankly this all stinks regardless if we’re talking Republican, Democrat, Libertarian, Independent, or whatever party you prefer to name, it’s a blatant abuse of power and privilege. As usual Congress grants themselves and their buddies immunity while the rest of us get stuck with whatever crap they come up with.

Per the WSJ there’s been a bill to stop it put forth, but as you can probably guess it somehow never gets passed, which by the way has been going on for only 5 years. They’ll just keep ignoring it.

Regarding Reid’s guy Miller……

Mr. Miller, the 47-year-old energy aide to Mr. Reid, bought shares in Energy Conversion Devices stock in two chunks on Jan. 14 and Jan. 16, 2008, according to filings. The filing only indicated two purchases were each between $1,001 and $15,000, but a spokesman for Mr. Reid’s office said that Mr. Miller bought a total of $3,500.

Mr. Reid has supported using the federal government to help the renewable energy industry. Mr. Miller works as Mr. Reid’s senior policy adviser on energy and environment issues.

In a 2009 profile entitled “Energy: 10 Staffers to Know,” Mr. Miller told the Capitol Hill newspaper Roll Call that he “meets frequently with a broad array of energy stakeholder groups and daily.

Yes, I’ll bet he knows what’s happening and how to make a killing before Wall Street even figures it out. Old Harry Reid must be really “green” when it comes to making “green.”

On Sunday after Mr. Reid criticized his trading, Mr. Miller declined to respond further, according to Mr. Manley, the senator’s spokesman.

Care to bet that this will be the end of it? I’d seriously doubt Reid will do anything about the “green” trading, nor will any of our other Congressional rip-off artists.

This is yet another reason to vote out incumbents on November 2nd and send a message to the people who steal I mean govern us (if you can call it that), that we’re tired of the crap and it’s time to start worrying about what’s good for the country and forget about what’s good for getting re-elected for decades or stuffing one’s bank account at the taxpayer’s expense.

Per WSJ the short list of other Congress people whose aides are involved are Nancy Pelosi, Mike Crapo and Shelly Moore Capito. With 72 staffers in all the list of insiders making money may be a lot longer, but no other names are mentioned in the article.

To read the whole sordid details go to the link at the source listed below. Still more CO2 Insanity.

Source: The Wall Street Journal

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