A few things I learned reading the paper this week. The company Goodyear is expected to return to profitability this year. Ayah! Unfortunately, tire sales are expected to be flat. That is funny; I don’t care who you are! The other things I learned were not so funny. Such as the fact a common, cancer drug currently being dispensed around the country had been sold without any real medicine in it, and those who thought they were getting good medicine where getting no help at all! Another bubble busted for Americans who think we are above the fray of things like that happening in our country! Thank goodness a government inspector somewhere is in charge of doing quality control. A warning to those who think all inspections by the government are just too cumbersome for businesses to do business properly!
I also learned that some campaign promises have a double edge sword. Our new governor here in Pennsylvania ran on a platform of no new taxes. Just about everyone said that was good. Until the Governor explained that he would not be taxing any of the companies pulling natural gas out of the Marcellus Shale from beneath all of rural Pennsylvania. He also instructed his field inspectors he wanted all fines, penalties and citations to be approved by senior members of the state’s Department of Environmental Protection from now on. A streamlining effort no doubt to save money, so that whatever fines and violations come about from the drilling process are, shall we say given closer scrutiny? Or a “for sure way of raising the governor’s chances of employment” should he ever wish to be a consultant to that industry.
But you may have well missed the best news story of them all. It was buried a few weeks ago in the back sections of most newspapers. No, I am not talking about Santorum’s surge from behind to contest Romney for the chance to become our next President. Though that is a close second. No, it’s Congress’ ability to do inside trading free and legally. Apparently any congress person who gets wind of information in any closed hearings or through their workday of being congressional, so to speak, is allowed to take that information and use it to invest with it in the stock market. If you, as a citizen try to do this, you go to jail. It’s called “inside trading”.
Former non felon, Martha Stewart has to be pretty upset about this. After all while she was convicted of lying to congress and not inside trading exclusively it all started with someone giving her information she wasn’t suppose to have to make her trades. Yet no one from Congress is prohibited from doing the same. Inside trading laws do not apply to them. No wonder these guys are so rich!
The news regarding Congress’s ability to inside trade has raised a sudden interest in making the process illegal and surprisingly met with some serious support from most Congressmen. However as they say the devil is in the details as to how to go about prohibiting members from using information when making their own stock deals. We shall see what they do about it. Apparently as we all learn, once again, that laws here in America don’t really apply to all Americans. But then again you won’t read about that in the papers!