“A good watchdog barks at things that are suspicious.” –Dan Rather
Domestic watchdogs and international organizations are chiefly responsible for monitoring corruption within governmental institutions. When one ponders corruption in terms of the United States, the term bribery often comes to mind. A broadly defined term, corruption takes many forms. A popular topic with regard to American corruption is the notion of insider trading.
Insider trading describes the exchange of stock whenever one party holds non-public knowledge of the corporations or entities involved. At the moment, it is illegal for anyone to perform insider tradingfor US Congressmen/women. Focusing on self-regarding gains, also known as self-interests, members of Congress are allowed to utilize any information they may acquire from their highly-held positions and use it for their personal benefit. Current laws suggest that unless all parties involved have access to the same information, the process of trading should be completely deterred. In terms of insider trading being combatted in court proceedings, many cases have been overturned or dismissed by the judges. This shows one example, out of many, of a situation in which the government structures itself in such a way that their own potentially-illegal activities can be obscured and, in essence, protected.
While politics is very tactical in nature—as some would argue that insider trading is merely a business tactic—a majority of the public view many of its actions as unethical. Insider trading, at its best, involves an exploitation of advantages. Many individuals are not frustrated by the fact that insider trading is occurring in the first place, they’re frustrated over the fact that they cannot, too, participate. Rather than focusing on the exchange itself being unethical or wrong, some are more focused on the fact that they are unable to legally partake in the exploitation and manipulation. Everyone is not allowed to corrupt others, and that is what frustrates many. Rather than emphasizing the violation of justice, frustrations surrounding equal opportunities arise instead.
Overall, insider trading raises endless debates surrounding morals, the common good, and elitism. Hope is very low whenever it comes to ending the battle against corruption; it is an intricate web, characterized by lies, ever-changing morals and ideologies, and conflicting definitions of right and wrong. Some may contend that individuals do not always act in terms of fulfilling their self-interests, but insider trading begs to differ. How can a country veiled in corruption last? How can democracy combat the issue?
We must be careful who we elect into office. After all, the lust for wealth seems to be prevalent and domineering in the minds of our officials. Checks must be established in order to prevent unethically-advantageous individuals from further corrupting our institutions. As Peter Watts once said, “The most altruistic and sustainable philosophies fail before the brute brain stem imperative of self-interest.”
Sierra McGinnis
For more information:
http://forcechange.com/9434/stop-congressional-corruption-by-ending-insider-trading/
http://www.scu.edu/ethics/practicing/focusareas/business/insider-trading.html
http://sevenpillarsinstitute.org/case-studies/insider-trading-what-would-rawls-do
Domestic watchdogs and international organizations are chiefly responsible for monitoring corruption within governmental institutions. When one ponders corruption in terms of the United States, the term bribery often comes to mind. A broadly defined term, corruption takes many forms. A popular topic with regard to American corruption is the notion of insider trading.
Insider trading describes the exchange of stock whenever one party holds non-public knowledge of the corporations or entities involved. At the moment, it is illegal for anyone to perform insider tradingfor US Congressmen/women. Focusing on self-regarding gains, also known as self-interests, members of Congress are allowed to utilize any information they may acquire from their highly-held positions and use it for their personal benefit. Current laws suggest that unless all parties involved have access to the same information, the process of trading should be completely deterred. In terms of insider trading being combatted in court proceedings, many cases have been overturned or dismissed by the judges. This shows one example, out of many, of a situation in which the government structures itself in such a way that their own potentially-illegal activities can be obscured and, in essence, protected.
While politics is very tactical in nature—as some would argue that insider trading is merely a business tactic—a majority of the public view many of its actions as unethical. Insider trading, at its best, involves an exploitation of advantages. Many individuals are not frustrated by the fact that insider trading is occurring in the first place, they’re frustrated over the fact that they cannot, too, participate. Rather than focusing on the exchange itself being unethical or wrong, some are more focused on the fact that they are unable to legally partake in the exploitation and manipulation. Everyone is not allowed to corrupt others, and that is what frustrates many. Rather than emphasizing the violation of justice, frustrations surrounding equal opportunities arise instead.
Overall, insider trading raises endless debates surrounding morals, the common good, and elitism. Hope is very low whenever it comes to ending the battle against corruption; it is an intricate web, characterized by lies, ever-changing morals and ideologies, and conflicting definitions of right and wrong. Some may contend that individuals do not always act in terms of fulfilling their self-interests, but insider trading begs to differ. How can a country veiled in corruption last? How can democracy combat the issue?
We must be careful who we elect into office. After all, the lust for wealth seems to be prevalent and domineering in the minds of our officials. Checks must be established in order to prevent unethically-advantageous individuals from further corrupting our institutions. As Peter Watts once said, “The most altruistic and sustainable philosophies fail before the brute brain stem imperative of self-interest.”
Sierra McGinnis
For more information:
http://forcechange.com/9434/stop-congressional-corruption-by-ending-insider-trading/
http://www.scu.edu/ethics/practicing/focusareas/business/insider-trading.html
http://sevenpillarsinstitute.org/case-studies/insider-trading-what-would-rawls-do