Someone in mainstream media, and it’s not all that surprising it’s 60 Minutes, finally got around to covering one of Congress’ most astonishing ethical, moral, and soon to be illegal, violations of holding public office… politicians trading on insider information. 

Brief clip:

Insider trading on the stock market: if you are a member of Congress, those laws are deemed not to apply.

So Congressmen get a pass on insider trading?

They do. The fact is if you sit on a healthcare committee and you know that Medicare, for example, is considering not reimbursing for a certain drug. That’s market moving information. And if you can trade stock off that information, and do so legally, that’s a great profit making opportunity.

Why does Congress get a pass on this?

It’s really the way the rules have been defined. The people who make the rules are the political class in Washington and they’ve conveniently written them so they don’t apply to themselves. 

Congress persons named:

1. Representative Spencer Bachus
2. Representative John Boehner
3. Representative Dennis Hastert
4. Senator Judd Gregg
5. Representative Nancy Pelosi

The sad truth is these pathetic excuses for leaders are enriching themselves by having information they wouldn’t ordinarily have without their position in public office.

If you or I did this, we would be in jail facing a few 100k in fines. Plus, the unpleasantness of having to fill in the “have you ever been convicted of a crime” when filling out a job application.

Instead, these people get away with it… and making themselves (and their families) rich in the process. Membership has it’s privileges, so they say, which is why the Stock Act will never be passed unless a few million people show up in DC with pitch forks and torches.

Past reading:

• Insider Trading: Illegal for You and I, Not for Politicians
• Do You Know Your Congressman’s Position on the STOCK Act?