Isn't That Already Illegal? Congressional Insider Trading
"Insider trading" by members of Congress seems to cause similar reactions in most. "Isn't that already illegal?" is the common refrain. And why wouldn't it be, as insider trading lands everyone else in the U.S. -- and most industrialized countries -- in jail and slaps them with huge fines. The fact that a little-known loophole permits members of Congress and their staffs to buy and sell stocks using insider information they might obtain through their official work rightly strikes most citizens as outrageous.
The now infamous 60 Minutes documentary from earlier this month shone a bright light on the obvious opportunities members of Congress and their staffs have to use information gleaned in day-to-day business for personal gain in the stock and commodities markets. The increasing scrutiny seems to be providing the necessary energy to finally spur action on the STOCK Act, introduced in the House of...
Was this loop-hole placed there when there were Republican majorities or did Democrats have a hand in it also? No wonder Congress has less respect then used-car salesmen.
Oh, and the article that SA referenced is interesting to read and is short also, so it shouldn't tax anyone's patience about reading about the antics of politicians and their desire to cover their positions.