Congressional Staffers Profit fr Inside Trading: NO LAW AGAINST IT?

[snot]

"The Journal analysis showed that an aide to a Republican member of the Senate Banking Committee bought Bank of America Corp. stock before results of last year’s government stress tests eased investor concerns about the health of the banking industry. A top aide to the House Speaker profited by trading shares of Freddie Mac and Fannie Mae in a brokerage account with her husband two days before the government authorized emergency funding for the companies. Another aide to Republican lawmakers interested in energy issues, among other things, profited by trading in several renewable-energy firms.

"The aides identified by the Journal say they didn’t profit by making trades based on any information gathered in the halls of Congress. Even if they had done so, it would be legal, because insider-trading laws don’t apply to Congress.

"A few lawmakers proposed a bill that would prevent members and employees of Congress from trading securities based on nonpublic information they obtain. The legislation has languished since 2006.

* * * * *

"When the bill was introduced nearly five years ago, just 14 other lawmakers endorsed it. The current version of the bill has fared worse: Only nine lawmakers support it. There is no companion legislation in the Senate."

More at http://online.wsj.com/article/SB10001424052748703431604575522434188603198.html .

[Angry Dragon]

1. And then they wonder why people do not trust elected officials

Same laws for everyone.
No special treatment

[walldude]

2. Well they have to keep some semblance of superiority

they can't be held to the same standards as everyone else :eyes:

[jody]

3. "Profit fr Inside Trading: NO LAW AGAINST IT?" is true regardless of political party. n/t

[DCKit]

4. Oh, so you only go to prison if you're a civilian trader?

Yet Martha Stewart hasn't run for Congress yet.

Go figure.

On the other hand, it does a lot to explain the exploding fortunes of some in Congress during their tenure.