Latest Congressional Outrage: Insider Trading

Did you watch 60 Minutes last night? If you did, I hope you’re as enraged as I am about our “representatives” using their access to non-public information to line their pockets. The same techniques used by members of Congress to trade ahead of market-moving news would land anyone else in jail.

If you haven’t seen it yet, check out the story below. If you’d rather read than watch, you can check out the script here on the CBS News website.

There’s a reason that nobody should be able to use non-public information to make money in stocks: It creates an unlevel playing field and strips markets of credibility and fairness. And there’s an even better reason that members of Congress shouldn’t be allowed to do so: It impedes their ability to do their job, which is ostensibly to represent “we the people”, not their own selfish interests.

In my opinion, this sort of self-dealing is something you’d expect from people like Muammar Gaddafi, not members of the U.S. Congress. What makes it even worse is that this is a problem that’s simple to solve. Members of Congress should do what the President does – have their assets in blind trusts so they have no ability to influence the investments they own. Common sense should dictate this. But since that obviously doesn’t work, I guess yet another law is in order.

What do you think? Should trading on inside information simply be another Congressional perk? Log on to our Facebook page and share your view.

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Comments & discussion

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  • http://pulse.yahoo.com/_TV6K6XYHACSJTUDWSHGFJKO2YE AleksuH

    It all makes sense now.  You know, as a teacher held accountable for student performance despite myriad factors completely out of my control, I would like to know why no other profession is held to such high standards of accountability.  Monitoring stock trades of our representatives to cut down on unethical practices is a very simple thing to do.  If they’re not willing to share the wealth, then let’s  at least share the scrutiny.  Along the lines of NCLB legislation, let’s call the new regulatory Stock Laws “No Congressperson Left Unsupervised.”  Plat fair, Washington!

  • Anonymous

    I’m glad to see that CBS is reporting real stories instead of the usual propaganda. Now stay on this story and pound it home until the voters pay attention.

  • http://www.facebook.com/people/Stacy-Dale-Barendse/1121205453 Stacy Dale Barendse

    Gordon Gekko should put the US government in jail.