The shocking 60 Minutes report on the apparent legality of widespread insider trading by...


The shocking 60 Minutes report on the apparent legality of widespread insider trading by Congressmen and their staff gets a second look from law professors who cite a published paper by Donna Nagy. The article finds that members of Congress are in fact breaking the law by trading inside info if you apply either the "classical theory" that finds Congress has duties not to trade on undisclosed information or the "misappropriation theory" which makes it illegal to deceive the people who entrust Congress with confidential info.

Comments (9)
  • Financial Insights
    , contributor
    Comments (928) | Send Message
     
    We need to get these people out of office. I got 10 bucks towards it.
    15 Nov 2011, 12:51 PM Reply Like
  • Stone Fox Capital
    , contributor
    Comments (8612) | Send Message
     
    Either way, Congress shouldn't be trading stocks at all. Its absurd to think that they even have to time to make a trade. Nothing new though for them to think they are above the laws applied to every other citizen.
    15 Nov 2011, 12:52 PM Reply Like
  • Morocco Bama
    , contributor
    Comments (131) | Send Message
     
    Stone Fox you're right. Blind trusts or Index funds or etf's only. They're a disgrace.
    15 Nov 2011, 12:55 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3464) | Send Message
     
    Totally agree. Blind trusts, no fiddling fingers in the trading pot.
    15 Nov 2011, 01:04 PM Reply Like
  • Bear Bait
    , contributor
    Comments (797) | Send Message
     
    Congress and it's members are exempt from virtually every law they have ever past or ruling made by agencies they have created, like the EPA and OSHA.
    15 Nov 2011, 01:00 PM Reply Like
  • profitTaker
    , contributor
    Comments (7) | Send Message
     
    Thats not to mention that its also a conflict of interests for congress to be gambling amidst the decisions they make. Now are they passing laws that they can turn a day trading profit on or are they passing laws that help lower our absurd unemployment number?
    15 Nov 2011, 01:10 PM Reply Like
  • Ohrama
    , contributor
    Comments (568) | Send Message
     
    MY world experience taught me: The emerging countries are ruled by or with the help of rouge-gangsters with criminal records. The USA is ruled by Lawyer-gangsters who make the laws and break them to enrich and give more power to themselves. Which is worse, I don't know or I don't care to know!
    15 Nov 2011, 01:12 PM Reply Like
  • mickmars
    , contributor
    Comments (1312) | Send Message
     
    We have an Oligarchy in the U.S. now, and the public is too ignorant to do anything about it.

     

    Obama....Romney.....it doesn't matter. Ask them both a question, and you'll get a non-answer from both.
    15 Nov 2011, 01:13 PM Reply Like
  • J 457
    , contributor
    Comments (1000) | Send Message
     
    I received an email this morning from Larry Levin (futures trading) that has a list of before and after wealth creation for people in congress. It clearly shows how these people are significantly increasing their wealth while in office, and its sure not because of their annual salary. People in USA should be outraged by how the congress is playing them for fools. Just remember, they will leave office millionaires, with golden parachute pensions, and you will be left with $15+ trillion of debt to repay for next 50 years. Hats off to 60 Minutes for telling the story, knowing they would face political criticism for airing it. If you appreciate their story, send them an email and tell them.
    15 Nov 2011, 01:59 PM Reply Like
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