Insider trading on Capital Hill
01 Dec '11 18:18http://www.washingtonpost.com/politics/bill-to-ban-insider-trading-in-congress-is-suddenly-popular/2011/11/30/g1QAn19300-story.html
"For 6 years Rep. Louise Slaughter pressed her colleagues to co-sponser legislation that would ban them from using information they gleaned on Capital Hill to guide their trades in the stock market.....classic insider trading usually involves senior company officials who use their insde knowledge about their firms to benefit themselves financially. It is prohibited by law. No law explicitly prevents members of Congress from profiting on information they pick up in briefings about companies, industries or the economy.
Of all the lawmakers who have joined Slaughter in recent days, only Rep. Barney Frank has publically acknowledged that he ignored her previous appeals and now regrets it." :'(
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Soooooo I guess now that Barney Frank and company have made their fortune and effectively helped destroyed the economy he can now join in "fixing" the corruption. Nice.
"For 6 years Rep. Louise Slaughter pressed her colleagues to co-sponser legislation that would ban them from using information they gleaned on Capital Hill to guide their trades in the stock market.....classic insider trading usually involves senior company officials who use their insde knowledge about their firms to benefit themselves financially. It is prohibited by law. No law explicitly prevents members of Congress from profiting on information they pick up in briefings about companies, industries or the economy.
Of all the lawmakers who have joined Slaughter in recent days, only Rep. Barney Frank has publically acknowledged that he ignored her previous appeals and now regrets it." :'(
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Soooooo I guess now that Barney Frank and company have made their fortune and effectively helped destroyed the economy he can now join in "fixing" the corruption. Nice.