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Kuros
Joined: 27 Apr 2004
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Posted: Tue Jul 25, 2017 8:37 pm Post subject: Politicos and Donors and their Profits |
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Here is a series about politicians and donors exercising their First Amendment right to oligarchy. Note: this is a current events thread so remember to transcend one-liners and post factual articles and current events once every post or so.
Corruption and bribery are rights guaranteed to those with money or power under the First Amendment of the United States Constitution. This may seem strange to you, but would 5 out of 9 of a select group of Yale or Harvard graduates lie to you?
https://en.wikipedia.org/wiki/Citizens_United_v._FEC
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Holding:
The provisions of the Bipartisan Campaign Reform Act restricting unions, corporations, and non-profit organizations from independent political spending and prohibiting the broadcasting of political media funded by them within 60 days of a general election or 30 days of a primary election violate the First Amendment's protections of freedom of speech.
(United States District Court for the District of Columbia reversed.) |
https://en.wikipedia.org/wiki/McCutcheon_v._FEC
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Holding:
Aggregate contribution limits to campaign finance violate the Free Speech Clause of the First Amendment.
The 2011-2012 election cycle $117,000 aggregate limit was $46,200 for federal candidates and $70,800 for national parties.
(United States District Court for the District of Columbia reversed.) |
That is the introduction. On to the current events samples: |
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Kuros
Joined: 27 Apr 2004
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Posted: Tue Jul 25, 2017 8:40 pm Post subject: |
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Republican Lawmakers Buy Health Insurance Stocks as Repeal Effort Moves Forward
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Rep. Mike Conaway, a Texas Republican and member of Speaker Paul Ryan’s leadership team, [recently] added a health insurance company to his portfolio.
An account owned by Conaway’s wife made two purchases of UnitedHealth stock, worth as much as $30,000, on March 24th, the day the legislation advanced in the House Rules Committee, according to disclosures. The exact value of Conaway’s investment isn’t clear, given that congressional ethics forms only show a range of amounts, and Conaway’s office did not respond to a request for comment.
It was a savvy move. Health industry stocks, including insurance giants like UnitedHealth, have surged as Republicans move forward with their repeal effort, which rolls back broad taxes on health care firms while loosening consumer regulations which prevent insurance companies from denying coverage for medical treatment. UnitedHealth has gained nearly 7 percent in value since March 24.
He wasn’t the only one. As the health care system overhaul advanced last month on the other side of Capitol Hill, Republican Sen. James Inhofe of Oklahoma purchased between $50,000 to $100,000 in UnitedHealth stock. |
There should be a law against this!
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Congress eventually acted with the STOCK Act, legislation designed to curb insider trading abuses. But the law was quickly watered down with amendments, and some provisions of it were later repealed. As we’ve reported, the House of Representatives has actively fought efforts to enforce the law after the Securities and Exchange Commission attempted to investigate one congressional staffer accused of passing health care information to a set of hedge funds. |
That is really too bad. It seems as if Congress was too quick to counter-act itself, and the Supreme Court never got a chance to bludgeon the STOCK Act with the First Amendment. |
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