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A New Low for our Elected Congressman and Jon Stewarts Sides with Breitbart!

Posted by on Apr. 25, 2013 at 8:45 AM
  • 28 Replies

Jon Stewart Backs Breitbart, Nails Political Class Hypocrisy

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Critics of lawmakers using DC information for Wall Street pay dirt found an unlikely ally Tuesday night: Jon Stewart, the host of the left-leaning Daily Show.

Stewart lambasted Congress and President Barack Obama for quietly killing a key provision of the Stop Trading On Congressional Knowledge (STOCK) Act that would have required federal officials to post their already publicly available financial disclosures online to increase transparency and ensure bureaucrats do not engage in insider trading, crony kickbacks, or doling out lucrative contracts to friends, family, or associates.

Stewart featured a 60 Minutes clip of Breitbart News contributor Peter Schweizer, whom Slate says authored “the book that started the STOCK Act stampede”--the New York Times bestseller, Throw Them All Out.

“Amazingly,” said Stewart, “that 60 Minutes piece yielded results.”

After the release of Schweizer’s book and the 60 Minutes exposé it spawned--as well as the myriad follow-up pieces Breitbart News published on the story--Obama included the issue in his 2012 State of the Union Address.

"Send me a bill that bans insider trading by members of Congress and I will sign it tomorrow," Obama said to applause. "Let's limit any elected official from owning stock in industries they impact."

The groundswell of public support for the STOCK Act had been the culmination of months of behind-the-scenes work by the Breitbart News team who drove the story. For years, the STOCK Act had gathered dust and garnered but a handful of cosponsors. Still, Breitbart News founder Andrew Breitbart passionately pursued the STOCK Act’s passage and implementation.

“Andrew was infuriated to learn of Congressional insider trading,” says Breitbart News CEO and President Larry Solov. “In fact, it may be the only time that he actually called on a politician to resign.”

Indeed, when Schweizer’s book uncovered well-timed trades by then-Republican chairman of the House Financial Services Committee Spencer Bachus (R-AL), Andrew Breitbart was the first to call for his resignation:

What Congressman Spencer Bachus did was wrong, vile, and an affront to the decency of the American people and the principles of honesty and fairness upon which our system rests… I seldom call for resignations. Even at the height of the Anthony Weiner scandal, I remained silent on whether Rep. Weiner should leave office. But what Spencer Bachus did was egregious and fundamentally unethical.

Spencer Bachus: it’s time for you to go.

When the STOCK Act finally came to a vote, the bill sailed through the House and Senate in 417-2 and 96-3 votes respectively.

"The STOCK Act is the first small step on the path to reform," Schweizer told Breitbart News at the time. "This is not the end but the beginning. We need to keep pushing the message of reform to root out insider dealing in government."

Schweizer’s caution proved prescient.

Last week, Congress passed and the President signed a law striking the online public financial disclosure requirement from the STOCK Act. The decision to gut the bill came after federal employees fiercely opposed the transparency provision; they claimed putting documents that are already available to the public in an online format would create a “jackpot” for “enemies of the United States intent on finding security vulnerabilities they can exploit.”

Government watchdog groups called such ominous warnings hyperbolic scaremongering. And last night on The Daily Show, Stewart mocked the rationale for striking down the transparency provision by highlighting quotes from four cyber security experts cited in a Columbia Journalism Review article who said “the national security bit is bulls—t.”

The only risk to federal officials, said Director of the Technology and Public Policy Program at the Center for Strategic and International Studies James Lewis, “is the risk of going to jail for their insider trading.”

The rare fusion of conservative and progressive outrage over the STOCK Act’s gutting is one that may further stoke the public’s disdain for the fecklessness of America’s powerful Permanent Political Class, says Executive Chairman of Breitbart News Stephen K. Bannon.

"Nothing shows the real focus of the Permanent Political Class better than the shredding of the STOCK Act,” says Bannon. “It’s all about a shake down of the American people, not a fair shake."

Schweizer agrees.

“Insider trading by members of Congress is no joke,” said Schweizer in a Wednesday interview with Breitbart News. “It’s a disgrace.”


http://www.breitbart.com/Big-Hollywood/2013/04/24/Jon-Stewart-Backs-Breitbart-Nails-Political-Class-Hypocrisy

by on Apr. 25, 2013 at 8:45 AM
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Replies (1-10):
pvtjokerus
by Platinum Member on Apr. 25, 2013 at 8:46 AM

Ladies.....understand the issue here........and if anyone finds out who in the Republican party voted for this please post it.

pvtjokerus
by Platinum Member on Apr. 25, 2013 at 8:50 AM

"Stewart lambasted Congress and President Barack Obama for quietly killing a key provision of the Stop Trading On Congressional Knowledge (STOCK) Act that would have required federal officials to post their already publicly available financial disclosures online to increase transparency and ensure bureaucrats do not engage in insider trading, crony kickbacks, or doling out lucrative contracts to friends, family, or associates."

Friday
by HRH of MJ on Apr. 25, 2013 at 12:42 PM
2 moms liked this

I don't know why y'all are acting so shocked about Stewart, or Maher, disagreeing or calling out Obama and Liberals. They do it all the damn time so it's not like a surprise.

Sadly, our representatives will probably continue to sink until we wise up and vote them all out, regardless of party. I wouldn't put anything past most of them.


 


Thank God......it's Friday!!!

NWP
by guerrilla girl on Apr. 25, 2013 at 3:34 PM
1 mom liked this
This exactly. Maybe the op should listen to Stewart more.

Quoting Friday:

I don't know why y'all are acting so shocked about Stewart, or Maher, disagreeing or calling out Obama and Liberals. They do it all the damn time so it's not like a surprise.

Sadly, our representatives will probably continue to sink until we wise up and vote them all out, regardless of party. I wouldn't put anything past most of them.


NWP
by guerrilla girl on Apr. 25, 2013 at 3:36 PM
2 moms liked this
I like the idea of congressmen wearing jackets with the logos of their corporate spenders like NASCAR

Quoting pvtjokerus:

Ladies.....understand the issue here........and if anyone finds out who in the Republican party voted for this please post it.

mehamil1
by Platinum Member on Apr. 25, 2013 at 3:41 PM
1 mom liked this

Stewart is always doing stuff like this. He takes aim at everyone. 

LucyMom08
by Gold Member on Apr. 25, 2013 at 4:31 PM

 What do you mean?

Quoting pvtjokerus:

Ladies.....understand the issue here........and if anyone finds out who in the Republican party voted for this please post it.

 

-Celestial-
by Pepperlynn on Apr. 25, 2013 at 4:37 PM

By David Lawder and Richard Cowan

WASHINGTON (Reuters) - The Congress on Friday voted to repeal a plan to require Internet posting of a vast database of financial disclosures from congressional staff and many executive branch employees required by a new ethics-in-government law.

Neither chamber debated the measure, which amends the STOCK Act, passed with great fanfare last year to prevent lawmakers, their staffs and other government officials from using insider knowledge about policymaking to profit from stock trades and other investments. The disclosures of potentially sensitive financial information were due to begin on Monday.

Under the bill passed by the Senate on Thursday and by the House of Representatives on Friday - without a hearing or a recorded vote in either case - officials still must file disclosures of financial transactions, but they no longer have to file online in a way that is easily accessible to the public.

Congress, criticized for its slow pace and partisanship on most issues, managed to overcome both. No Republican or Democrat objected to the unanimous passage, which consumed about 10 seconds worth of time in the Senate and 14 seconds in the House, according to official records.

The repeal came in response to fears expressed that cyber criminals, either individuals or agents of some foreign countries, could have gained access to the financial data that was to have been posted online.

Rory Cooper, a spokesman for House Majority Leader Eric Cantor, said the congressional action was based on findings of a study by the nonpartisan National Academy of Public Administration. "This was their recommendation and the House and Senate agreed it was the best course of action," he said.

The STOCK Act (an acronym for Stop Trading on Congressional Knowledge) became law a year ago and was intended to deter insider trading by members of Congress who could use information about pending legislation for financial gain. The measure was expanded to include the executive branch of government.

Last August, Congress exempted thousands of top military officers and civilian government officials from having to post their financial assets such as bank accounts, stock and mutual fund holdings and investment properties.

Lisa Rosenberg of the Sunlight Foundation, a nonprofit public interest group, said the repeal "undermines the intent" of the law to ensure that government insiders are not profiting from non-public information.

"Are we going to return to the days when the public can use the Internet to research everything except what their government is doing?" Rosenberg said.

She noted that the legislation makes Internet filing optional for elected officials and individuals subject to Senate confirmation while eliminating the online requirement entirely for employees, as well as a requirement in the original law making the filings "searchable."

autodidact
by Platinum Member on Apr. 25, 2013 at 9:23 PM
1 mom liked this

Friday
by HRH of MJ on Apr. 25, 2013 at 9:42 PM


Quoting NWP:

This exactly. Maybe the op should listen to Stewart more.

Quoting Friday:

I don't know why y'all are acting so shocked about Stewart, or Maher, disagreeing or calling out Obama and Liberals. They do it all the damn time so it's not like a surprise.

Sadly, our representatives will probably continue to sink until we wise up and vote them all out, regardless of party. I wouldn't put anything past most of them.


Yeah but then they'd have to pay attention to an evil godless Librul and admit they aren't all partisan jerks like some on the right. It's easier for them to continue to make ignorant assumptions than actually learn something new.

 


Thank God......it's Friday!!!

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