Should Congressmen be allowed to trade on Inside Information?

"Congress Gets To Trade Insider Information"

http://weakonomics.com/2011/05/27/congress-gets-to-trade-insider-information/

http://digitalcommons.law.yale.edu/...search="congressmen trade inside information"

 

Congress gets and gets to do a lot of things they don't deserve or that would land the rest of us in prison. They treat themselves like royalty and we the voters are letting them get away with it.

 

Hedge funds are finding that Washington can be a gold mine of market-moving information, easily gathered by the politically connected. The funds are hiring lobbyists -- not to influence government, but to tell them what it's going to do. Several lobbying firms are ramping up their "political-intelligence" units and charging hedge funds between $5,000 and $20,000 a month for tips and predictions.

The Securities and Exchange Commission is looking into whether laws are being broken somewhere in the transfer of information between Congress and Wall Street. It's not illegal for lawmakers to disclose information that is not publicly known about the workings of Congress, even if it could affect stock prices. It breaks congressional ethics rules only if they or their aides profit directly.



Read more: http://www.post-gazette.com/pg/06342/744652-28.stm#ixzz1bF6IOo6w

 

No

 

Incredible. Thanks for the information.

 

We've confused "talent" with inside information for years now.

 

"Congress Members Took Part in Insider Trading: Abramoff

As many as a dozen members of Congress and their aides took part in insider trading based on foreknowledge of market moving information on Capitol Hill, disgraced Washington lobbyist Jack Abramoff told CNBC in an interview..."

http://www.cnbc.com/id/45249857

 

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"‘Throw Them All Out’ Author Says STOCK Act Won’t Stop Pols’ Insider Trades"

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