iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,000 Blog Posts

CNBC: Fuck You, It’s Not a Joke

All day long the idiots on CNBC were making light of the Congressional insider trading report. Fuck that. By turning it into something comedic, you take away the guillotine option. Most of you know of my disdain for the Occupy Wall Street crowd. But do you know why?

RELATED!

I think they are a fucking joke, nothing more than government hacks, modern day brown shirts for the democrat party. Plus, they’ve elected to be homeless vagrants and I like soap.

But this insider trading story hones in on everything that is wrong with our government. They are corrupt– all of them. Anyone who participates in the two party system is corrupt, end of story. These bastards are pointing fingers at Goldman and other Wall Street firms for business practices, while profiting from insider knowledge of non-public information. In other words, hedge fund managers get 11 years in prison for the same crimes that are LEGAL for the degenerates in Congress.

How is that fair?

They are the fattest of the fat cats. These little men were buying short term calls and puts in the midst of the 2008 crisis to profit from the news-flow that they were dictating.

My point: The morons from CNBC should stop laughing and making jokes about this topic. They are real quick to throw hedge fund managers under the bus, with ominous “BREAKING NEWS” broadcasts. But when congress does it, big titted idiots crack jokes. Fuck that.

The market went down today and I lost some money. I am very sorry that I cannot make money every single day like the rest of you “winners.” But don’t worry, my Mother is an elected official and I’m gonna ask her for some privileged information later on tonight.

Top picks: AKS, OMX, EXK
http://www.youtube.com/watch?v=OWGOaqEBnlw&feature=related

http://www.youtube.com/watch?v=x95uC_wzUX4

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78 comments

  1. jg

    fig

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  2. Juice

    no we know why no one has been tossed in jail fm the 2008 shenanigans; because 1/2 of congress would be in jail with them

    fuckers

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    • The Fly

      great point

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    • Heaterman

      Exactly! Precisely!! Could not be more correct!!!

      They will never go after one of their own because 90% of them are guilty of the same flipping financial malpractice. Any finger lifted to point at another congress lizard would wind up pointing directly back at the pointer.

      We have only one option and that is to vote all incumbents out over the next 6 years.

      The next issue to address would be to pass two constitutional amendments. The first would make all elected federal officials subject to the same laws as the rest of us “folk” as OweBama is wont to say.

      The next amendment would be to make it illegal for any FORMER elected official to engage in any type of lobbying, work for any lobbying firm, serve on any corporate board of directors that may have contact, contracts or work for the Federal government.

      Putting a cap of $5,000 for a speaking engagement would help also.

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      • Taco

        Remember: There are factions within the central banking system that would love to see the US Congress “go away.” No more representatives of any kind.

        Just be aware… the news is distorting what happens with our representatives, for more reasons than one may initially believe…

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  3. Neokeynesian

    “They are real quick to throw hedge fund managers under the bus … But when congress does it…”

    But they’re all the same: hedge funders, investment bankers, politicians. Jon Corzine, Mitt Romney, Robert Rubin etc.

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  4. Marc David

    I emailed my Congressman asking for Inside Info.. they said they cannot provide such it would be illegal.

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  5. jimmy_two_times

    Right on.

    I am truly suprised no one is marching on the capital with pitch forks.

    This comepletely outrageous.

    Bottom line. If you need a job stay out fo politics. This type of cronyism is everywhere.

    Blind Trusts in index funds for all elected officals at the federal and state level if there is a chance of influence.

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  6. Trading_Nymph

    All true. Obama does summaries of his speeches before he gives them for his supporters. I hate politics and believe it should be decentralized. China leaks their data and people get arrested for it, I have known about the practice already…it should be illegal, FWIW, there is a REALLY good equal protection arguement in Hedge Fund knowledge from biz sources vs government sources..someone should challenge it.

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    • KCScott

      A Pol in China does it and they become a non-voluntary organ donor the following week.

      Anyone ever get that ticker symbol for the mobile execution van manufacturer?

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      • drummerboy

        no,but if they make food trucks i have a great idea based on the chinese death squad. random killings of u.s. pols,grind them up and make weenies out of them, then turn around and sell said weenie to the other pols on the stairs congress. fuck, i bet i can get away with calling them kosher to.

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      • Trading_Nymph

        Ouch..not sure of the ticker symbol, I don’t think its publically traded.

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  7. kedzilla

    If there was one entire book of information OWS should run with, it just smashed them in the face. Lets hope some of these 500bc English Poetry PHD students realize this is the accelerant for their fire.

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  8. TeahouseOnTheTracks
    TeahouseOnTheTracks

    Fly … Is your Mother active in local politics?

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  9. Blind Read Ant

    That Snorkin “dudette” on CNBC is repugnant.

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  10. Frog Playing a Colorful Accordion
    Frog Playing a Colorful Accordion

    Thanks, Fly, for your comments on the Congressional insider trading and for posting the 60 minutes video. I’m emailing it out to friends.

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  11. uncle har

    My bet is that the money influence is also huge in europe. There is too much to lose. They will find a solution.

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  12. chappy

    I wonder if these congressmen were the ones buying puts right before 9/11. Just sayin..

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  13. Pavman

    Truly passionate! With you man. Same joke in England. Politicians! The only criminal activity in which you don’t get a record.
    Can’t see CNBC Europe presenters laughing about that, more professional.

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  14. Mark

    Yeah, I was disgusted by that report as well.

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  15. Yogi & Boo Boo

    Fly, Thanks for writing on this subject. Making insider trading illegal for Congress will be a good first step to cleaning up Washington. Then maybe we can go after the lobbyists (i.e. former Congress scoundrels).

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  16. KCScott

    The real irony is that the media, other than 60 minutes, will still lead with a story on gay marriage, who Herman Cain groped or Tim Tebow, All American.

    Yea, we really have our priorities in order here.

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  17. md386

    This is absolutely fucking outrageous. All of these elected officials are the epitome of hypocrisy. These fuckers have the nerve to crucify bank executives at hearings, all the while these pieces of shit have both hands completely in the cookie jar. They look the American people directly in the eyes and talk about helping the middle class, when in reality they are robbing the country blind. I guess the old saying is true: “Only the best crooks get to Washington”. This really pisses me off!

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  18. pjdempsey

    Asking these fucktards to pass legislation limiting their trading has about the same chance as asking them to change their healthcare plans to match the new (soon to be unconstitutional) universal plan. Or asking them to put their retirement in the Social Security fund like the normal folks out there. Think about how many from the Contract with America class of 1994 stuck with their term limits plan. Once they get there and suckle on the teets of our taxes, they change their minds. It is going to take some leadership with real big balls to initiate any kind of real Change. Party politics are mostly BS, but the alternative usually leads me back to the devil I know.

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    • md386

      I guess the American public was interpreting politicians wrong when they refer to change. The only “change” they care about is the change in their pocketbooks, those crooked fucks! Now we know why Michele Bachmann was willing to let the US default, she probably loaded up on options too, right into the market crash in October.

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      • Mad_Scientist

        lol, Bachmann is the only one with a ‘public persona’ who has spoken publicly about this issue! She decries “crony capitalism” quite frequently. She exposed some of Perry’s “investments” in one of the debates, vis a vis an executive order he undertook. And she did not try to “let the US default.” She was the one person in congress who floated a bill that would prevent the US from defaulting, and all the zombies shot her down. Look it up! She was trying desperately to prevent a default while at the same time trying to combat the growing debt problem. With her proposed bill, she took more effort to stop a default than anyone else can really claim they did.

        Oh but I forgot, MSNB tells me to think she is a nut and the democrat party and establishment republicans are the paragon of virtue. I should think what MSNBC and CBS tell me to think, huh? Not happening though.

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        • md386

          http://www.youtube.com/watch?v=Q082UbDIxdw Here it is…right from the horse’s mouth. She publicly states that she would unequivocally not vote for raising the debt ceiling. I whole-heartedly agree that the spending our government does is way out of control, but in a fragile fucking economy, to throw that kind of strain on the financial system is beyond stupid. Everybody was in complete agreement, even the “clam” himself (Bernake), that the US government has to get its debt under control, but the budget cuts should come when the economy is actually growing. And no, this is not what MSNBC or CBS or whatever other shitty media outlet tells me to think. I am able to formulate my own opinions.

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          • Mad_Scientist

            Dude, please. A default on US debt was not the only alternative to increasing the debt ceiling! Here’s some perspective:
            http://www.cbsnews.com/stories/2011/06/26/ftn/main20074492.shtml

            Scare tactics from the Obama administration and its footsoldiers.

            In addition, Bachmann’s prime interest was preventin a default, and the legislation she created and pushed proves it –

            “Bachmann touted a bill she introduced earlier this month along with Reps. Steve King, R-Iowa, and Louie Gohmert, R-Tex., that would force President Obama to continue paying off the nation’s debt obligations even if Democrats and Republicans cannot agree on a plan to raise the debt ceiling.”

            source: http://abcnews.go.com/blogs/politics/2011/07/michele-bachmann-opposes-boehner-debt-plan-the-premise-is-wrong/

            Btw, why do so many people ignore that S&P cut the credit rating due to the weakness of the reductions introduced in the agreement? If all it took was an agreement and raising the debt ceiling to make world peace, there would have been no credit rating fiasco. But because they agreed on kicking the can down the road, that is precisely why we got one. S&P sees the emulation of Greece and doesn’t like it. And kicking the can was what Bachmann opposed. She also opposed defaulting on the debt. The two can go together.

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          • Mad_Scientist

            “Everybody was in complete agreement”

            Bullshit.

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          • md386

            Actually S&P directly stated that the reason for them downgrading the debt was the inability of the two parties to reach any sort of agreement on any issue. In their statement they explicitly said that they had absolutely no fear that the US would not meet its obligations. The amount of reductions was a unpleasant sideshow. And when I said everyone was in complete agreement, I meant that everyone, except for some in the Tea Party maybe, agreed that the cuts should come at a later date. I hate government spending just as much as you or the next guy, but when that spending is picking up serious slack in the economy, is it really a good idea to start slashing 10s or 100s of billions of $s? BTW, in early Oct. I was watching C-Span almost everyday, and Bachmann no doubt is as crooked as the rest and definitely has her own agendas. What is your hard-on with Bachmann all about, “Dude”?

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          • Missladybug

            Single out Bachmann? Because she is a woman? Oh a conservative woman.
            She is a saint as compared to Nancy Pelosi who amassed closed to a billion $$ asset using her privileged position.

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          • Mad_Scientist

            Try to do the math here. Why would it matter whether or not the two sides can reach an agreement? Because Spending Cuts MUST Happen, and Without a Substantive Agreement (they did reach an agreement, genius, but it was not substantive by any stretch of the imagination), Without such an agreement, The Cuts Will Never Happen Sufficiently to Prevent an American Debt Crisis After More Kicking The Can Down the Road. Getting it yet?

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          • Mad_Scientist

            The fact that many people simply ignored her legislation for the sake of personal political gain, doesn’t seem to phase you.

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          • Mad_Scientist

            Like I said, you focus on one part of the reason for the downgrade and ignore a major reason for it. There was not one solitary reason given. You ask why I’m obsessed with Bachmann, but I’m not. It was YOU who attacked her (and pretty unfairly I’d say) in a way that singles her out for criticism which is pretty misguided. So I reacted to that. The question is why are you obsessed with her?

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    • TeahouseOnTheTracks
      TeahouseOnTheTracks

      Ironically both Boehner & Gingrich assisted in writing the “Contract with America.” Term limits didn’t even gain a majority of house votes let alone two thirds!

      The only way that gets accomplished is via Constitutional Convention. Meanwhile there are 24 states and DC that can bring Term Limits to a vote via Referendum and maybe passing there would incite other states to join in calling for a constitutional amendment through Convention.

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  19. Geoduck

    Didn’t Hillary make a shitpot full of cash off some commodities trades back 20years ago? It was all investigated and found good.

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  20. Geoduck

    I think there’s a little gamesmanship going re: CBS/NBC. Not that it’s okay or anything.

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  21. Bill

    Fly, any thoughts on the refiners? despite the crack spread coming in 50%, they seem to be holding up well here.. thinking of adding a name

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  22. inandout

    This is one subject that has annoyed me for years. I am happy to see some big newspapers finally print the story. You can see them sometimes what looks to be trading on their smartphones during congressional hearings.
    Worst part is they trade small to keep it on the down low, in consequence votes are swayed, public attacks are made, laws/regulations are passed that otherwise wouldn’t have —so some douche politician can make a quick $10,000 or some other 5 figure number.

    Either way it’s unacceptable, but for rules and regulations to get passed for such a small amount of gain makes it more nerve racking to me at least, really shows that are laws aren’t even worth that much to them and they really don’t give a shit at all. Some banking regulations or other rules probably got changed so a few of them could make a quick $5,000, not that it would be better if they made 5,000,000 but at least I could somehow understand why they did it.

    Never knew that 0bama gave out summaries of his speeches to supporters before hand , I bet they are making much larger trades then the politicians. Are there any write ups on that Tn?
    Wonder how much I would have to contribute to the big 0 campaign to be one of those privileged few? Best part it’s all legal for them.
    I would easily contribute a 100k or maybe more to get those summaries –would make for some great daytrading opportunities.

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  23. dough stream

    Drake? OK.

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  24. T-Bird

    Gentlemen, I suggest you follow my example:

    I will be voting out every incumbent in the House and Senate this next cycle. I want fresh blood. Congress is absolutely retarded and broken.

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    • ruggyup

      I agree with you in principle. The facts are though, without profound salary, expenses and benefit reforms for all members of Congress we end up electing different whores in the same old thongs.

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    • TeahouseOnTheTracks
      TeahouseOnTheTracks

      That’s one way to impose term limits but you may end up voting out your own party in favor of the other …

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      • T-Bird

        I am a staunch Democrat and very rarely cross party lines, so I do worry about this. However, the cancer that is our congress needs to be purged. The benefit that will come to our country from new leadership is worth whatever differences I have with their platform… and Im a huge liberal saying that!

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        • TeahouseOnTheTracks
          TeahouseOnTheTracks

          “Ultimatum to Congress” = Pass Term Limitations, Insider Trading Rules and Lobbyist/Contribution Reform or face the wrath of the electorate via recall or purging.

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  25. TraderCaddy

    I haven’t laughed like this in a long time.
    A list of proposed demands from the OWS freaks (although I do like a retirement age of 55 and an increase in SS benefits).

    http://occupywallst.org/forum/proposed-list-of-ows-demands/

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    • The Plumber's Crack
      The Plumber's Crack

      Good luck getting that list!
      I guess the OWS crowd will be there awhile.

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    • Kenai

      This has to be a joke. It doesn’t even make any mathematical sense.

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  26. Frog Playing a Colorful Accordion
    Frog Playing a Colorful Accordion

    The problem is: It’s impossible to vote out incumbents. The real incumbents are the Special Interest Groups that finance the Congressional campaigns. Although there are a few differences from one candidate to another, or from one party to another, they remain pretty much the same groups of Special Interests for all the folks on the ballot.

    The Congress folks themselves are just puppets. You are really voting for the Special Interests who financed their campaigns– which, according to the law, do not even have to be revealed. These Special Interests could be Iran or North Korea, for all we know.

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  27. Frog Playing a Colorful Accordion
    Frog Playing a Colorful Accordion

    A second problem is that you can not get anything constructive done by voting AGAINST someone, whether because they are an incumbent or for other reasons. It really doesn’t matter who we vote AGAINST. It matters who we vote FOR.

    A person not being an incumbent is no guarantee that we will not end up voting to jump out of the frying pan and into the fire. There are many crooks who are not incumbents, many of whom may be worse than the person currently holding the office.

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  28. Harvard Professor

    The US sells about $240 billion per year to Europe vs. $90 bill to China. If Europe melts down, the US will not escape a severe reaction…….and remember when confidence in debt wanes, the interest rates can rise quickly …like Greece and Italy and Spain and….USA?

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  29. Frog Playing a Colorful Accordion
    Frog Playing a Colorful Accordion

    We really all need to look under every rock to see if we can find good people to run for Congress and then give them our support.

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  30. Mad_Scientist

    pelosi couldn’t even muster a literate response.

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  31. Nancy Pelosi

    How dare you. I am not corrupt. That is all there is to it. You lazy people cannot pick stocks like me. I am not aware of any illegal aliens working for Pelosi enterprises and I wanted legislation to exempt those Samoan cannery workers from minimum wages because I owned stock in the company – why else?

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  32. riggedgame

    We have a very honest Representative. Marcy Kaptur.

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  33. dave

    Make them fully disclose trades within 24 hours.

    That way you can trade and profit along with the best connected/investment savvy politicians. That should work unless you want in on the ground floor of an IPO like Pelosi did with VISA.

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    • T-Bird

      I agree with this. Executive in companies have to disclose their insider trades. Make congress do the same.

      Only one problem with this, congress has to pass that law… it will never happen.

      Its in the benefit of congress and the machine that employ’s ‘DC insiders’ to gain information to keep the hoi polloi out of the game.

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  34. Frog Playing a Colorful Accordion
    Frog Playing a Colorful Accordion

    It will happen if we all look for the most honest competent people in our communities, people who care about the best interests of our country, encourage them to run for Congress, and give them our support.

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    • T-Bird

      I wish politics was a contest between the competent and fair. Politics is dirty and underhanded. Skilled politicians (and particularly campaign managers and the media) can make the race about whatever they want: swift boats or ‘fundamentals of our economies being strong’ for instance.

      An idealistic, honest person who doesnt have balls of steel to play that game will get rolled. Its hard to be the sort of candidate that I think we all want, but still play the unfortunate game that is required to get elected in this country.

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      • Frog Playing a Colorful Accordion
        Frog Playing a Colorful Accordion

        Hard but perhaps not impossible. No one ever wins by themselves anyway. They could have plenty of helpful campaign staff members around them to support them.

        You say “I wish politics was a contest between the competent and fair.”

        It isn’t that right now. Let’s make it so.

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  35. Heaterman

    Gotta say I love love love to see Pelosi squirm. She is the queen leech.

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  36. rick

    man it would be nice to work at the NSA and take a little time when on break to hear what they are saying.

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  37. no_joke

    Paulson sold down 1/3rd of his GLD position during the 3rd quarter. Time to do the George Costanza and load the boat on GLD!

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  38. JTU

    Crack spreads up over 8% this morning, Shares in CVI, WNR and DK may benefit!

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  39. Lesley Wexler

    if someone ran on the platform of getting this stock bill passed by overiding via executive order, he’d win in a heartbeat…possible?

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